If the capacitor is placed up top in the motor housing then one would need three wires instead of four dropping down in the pendant. As it is, the capacitor could be wired directly on to the switch terminals to avoid additional connection block. It is interesting weather in this case one should call one winding RUNNING and the other STARTING. as the phase is applied to either of them. If one reverses the start and finish of one of the coils, to retain it as a starting or a running winding, then that is another situation, as each winding will retain its original role. This is certainly a minimised economic circuit. Congratulations, excellent thinking.