I do have a light switch wired inline with the power wire going to motor terminal #1,
So here is how it is wired:
disconnected black wire from the motor, it now goes from inside the motor to drum sw term #3
disconnected red wire from the motor, it now goes from inside the motor to drum sw term #2
LINE #1 goes from breaker box, thru light switch to motor terminal #1
Motor terminal #2 to drum sw #1
Line #2 goes to drum sw terminal #5
jumper from drum sw terminal #4 to drum sw terminal #6
and from drum sw terminal #6 to motor terminal #4
To start the lathe I have to flip the switch to the on position that is located on the wall behind the lathe. I then can use the drum switch to turn the lathe on either FWD or REV.
Hope I wrote that out correctly