Hi Craig. It's a 3/4 hp 110 motor and yes thats a reversing switch, I'm having a face plate made because the supplied one had REV to the front and thats just wrong : ) They came with an on off but offered a reversing switch as an option. I think it should have been standard. It was disconnected on my Standard Modern and it made me crazy : ) so I made it function on mine some time ago and I wouldn't be without it. people seem to be leary of the threaded spindle but with reasonable care it isn't an issue.
I made the wipers from bulk felt I got from a fabric store along with the 1/2 inch felt wicks in the Headstock oilers, the rubber wipers that go in the same plate need to be modified, the way Atlas assembled them, at least the ones on this lathe, the rubber wiper blocks the oil port so the felt can't get any oil. Cut a small notch in the wiper directly below the port so the oil can travel to the felt. Don't over tighten them as well as it crushes the felt to the point it where it can't wick oil to the bed, as with so many things I found on this lathe the designers had some simple elegant solutions but in production things got messed up or the bean counters were responsible, I'll never know.