That's correct so far - assuming that the two posts on the motor to which you've transferred the Y and B wires, aren't connected to anything else in the motor (like the starter switch). I assume you checked using a suitable "multi-meter" or by physically checking behind them - didn't you ?
As far as the wiring on the reversing switch is concerned, you need to use the aforementioned multi-meter - or, again, physically look at the contacts - to see which ones are connected together when the switch is in the Forward (Fwd) or Reverse (Rev) positions. Those are then the contacts you use for the four wires you've brought out from the motor. You may have to use extra wires in the switch to cross-wire these in order to give the correct "swapping" of the B & Y.
Now, the big question ! Do you have a separate contactor/on-line- starter (C/OLS) to use as Start/Stop for the motor ? The action being. Set the Reversing Switch to the desired rotation and then use the C/OLS to start and stop the motor.
If, alternatively, you are using the drum switch to Start/Stop AND Reverse the motor (as in some Derwhurst set-ups), you'll need to feed the mains L & N via the switch so that the motor is isolated when the switch is Off.
Personally, I'd advise that you seek someone with goof electrical knowledge to assist you. If you live in reasonable distance of Bromley, Kent, I'd be happy to "pop round with my AVO". Otherwise, trying to help with e-mails (PMs off-line) and diagrams is the best I can do and, given your obvious lack of Electrical knowledge and the death or damage potential of 230V 50Hz, I'd be in fear for your safety.
I'm more concerned about burning the motor out than anything else ...
Don't think Ive had a shock yet ...since i wired my house with rcd's and mcb's ..
They are ultra sensitive ...and trip ...on a whim
Where the motor is situated ...before it gets back to the consumer unit in the house goes through three mcbs and 3 rcds ..!!!
I do realise that the motor could hum in the neutral position ...and recognise that I have to put the main live through this reversing switch ..
The whole lot will be on a no volt release switch with indicator light as suggested .............
Because there is a possibility that i could turn the thing off via the reversing switch ...forget about it, leaving the NVR energised for days ,weeks or months ..all the small amps power accumulating and adding up on my bill.
Talking about bills, metering etc ... If you are with Swalec Swalac are offering this remote meter ( works off radio signal ....off another device on the tailings I think)...that you can carry around your house and monitor electricity consumption ..all for free and no catches.
Oh well. It was a reasonable bet that you'd be at the otgher side of the country, so a personal visit is out of the question.
You definitely should feed the live/neutral mains through the Rev Switch (RSw) - even though you have a No-volt-release (NVR) in circuit. If you don't - a. In the neutral position of the RSw, the motor will not start and will definitely "hum" - probably to the point of burning out. b. Moving the switch into Neutral from Fwd or Rev will not stop the motor and, anyway, if you move from Fwd to Rev (ir visa versa) on a single phase motor without waiting for it to stop, it'll just carry on running in the same direction.
If you do, you should only need 4 wires from the switch to the motor. Live, Neutral Switched mains + the two wires to Y and B wires in the motor. Because, to effect Fwd/Rev, you just have to connect the B & Y wires to L and N for one direction OR N & L for the opposite diection whilst feeding the run windngs in the same polarity for both Fwd and Rev. So you can use 5 wire cable (the above 4 wires + earth) from RSw to Motor and 3 wire mains cable into the RSw from your NVR.