Van Norman 12 Schematics and manuals required.

Feed motor never needs reversed, the feed gears handle that. (and if you reverse the motor the feed goes the wrong way and the end-of-travel feed stops won't work, potential crash and damage).

Reversing the spindle is desirable but not critical. When using wheel cutters on an arbor you can flip them around, and sometimes a setup is just easier going the other way.
Also, you put the tension on the wrong side of the feed motor chain, which most chain drives are only designed for tension on one direction.

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