Hi Rowan I have used the same as your proposed wireing on my lathe there is nothing wrong with that but I have labelled each wire with a number or letter corresponding to its connection on the motor and switch number.

David

Sounds spot on to me. Like Emgee said make sure that the cable is rated for 230/240 volts and the cross sectional area is large enough for the motor current.

The colours of your cable are for three phase, nothing wrong with that but the cores should be marked to help stop anyone thinking it's a three phase motor. Brown and Blue are fine for the main winding but when it comes to the start winding the polarity changes with direction. These should both be marked brown (a turn of brown insulating around the core will be enough) in the motor and the switch. I also like the idea of the lables things like that can be a great help to anyone coming after you.

Hope this helps Tom.