Copy the circuit used on UK market Bridgeports. Not the simplest way but its professional, effective and just plain right. Bit of googling should find you a manual or PM me and I'll send a PDF version.
Basically the contactor controlling the motor is the master and feeds the contactors for the power feed, coolant pump et al. On the Bridgeport there are mechanically operated microswitches to select feed direction. Also a separate forward / off / reverse switch for the motor so the other drives can be run with motor stopped for test purposes or whatever.
Simplified control systems are a false economy. Takes nearly as long to install as teh full fat version and, in my experience, the simplified bit always ends up biting me on the tail. So I have to do it over, properly.
Clive