What did I get myself into??

Sometimes, the numbers are stamped on the terminals, I have never seen color coded wires. A motor shop could likely tell you the numbers by using an ohm meter.
 
If all else fails, take it to a local motor shop and ask for help. They will sort it out, test it, and make it the way you want it with a few minutes work. In my experience, motor shops are helpful and do not gouge customers. YMMV, but you WILL get an answer to your questions, and perhaps a quick reconnect it a few minutes for a few dollars.
 
If the spindle doesn't wobble, and the lead-screws work, then you got a great deal.

Funny, nothing on lathes.co.uk or Vintage-Machinery for this.

I hope you keep posting your progress.

-brino
 
Maybe try here....

http://www.royaloakgrinders.com/aboutro.htm

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-frank
 
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