When you get tired of the factory speed control or it blows up, get a fan cooled variable SCR ($30), a 50 amp bridge rectifier ($10), scavenge the "choke" from your old electronics and you will have a great speed control. I've been using them for years on my South Bend and Logan lathes with 2+hp motors from treadmills. I use a double pole-double throw toggle switch for reverse. Great project!