I have a phase converter. I have multiple machines I need to wire up and configure. Doing it with the least amount of obsticales would be ideal. Once I get to that hurdle I'll have to come up with a plan. Basically I really don't need the box? I can wire 240v/460v straight to switch/motor?The reversing contactor was most likely installed to move the high motor voltage away from the drum switch to meet a regulatory requirement. Normally 240V or even 480V is wired directly to the drum switch, and that is not the safest way to do it. Much safer for the operator with the reversing contactors and the drum switch switching 120V.
Today, running the motor with a VFD and having 24VDC controls would be my first choice.