If you want the motor to turn clockwise, connect one side of the line to blue and black (T1 and T5) and the other side of line cord to white and yellow (T2 and T4). Ground wire of the line cord goes to the ground on the motor.
If you want the motor to turn counterclockwise, run one side of the line cord to white and blue (T1 and T2) and the other side of line to black and yellow (T2 and T4). Ground goes to ground.
Personally, I would go ahead and wire the reversing switch as shown. There might be times when you would want to reverse your mill to clear a jam. It would not have to be a TPDT switch as shown. It could be a DPDT switch, with the yellow wire connected to the middle terminal on the side of the switch opposite the blue wire.