As owner/ownee of a Craftsman 12X36, I have already been where you/re heading. Although a simple toggle switch will do fine, what do you do when things get a little out of hand? Reaching into the machine to switch it off when things get hairy is a most unpleasant experience. I like to "bat" the switch while running for the door.
There are numerous "plastic" encased drum switches that show a pretty good current rating. One level of contacts is simply an "ON-OFF" switch. Two wires to turn it on, no reversing. The ones out of China do well enough for this, especially if you're counting pennies. Not much more than a good quality SP toggle switch. The ones I found have sixty (60) amp contacts. For less than 20 bux, yet. That will start several horsepower
There are a couple of points to consider, though. First off, as a motor switch, it is handling an inductive load. Huge amounts of flashover that aren't seen. Plus the starting current. Not something to use a household light switch for. You need fairly heavy contacts. An automotive grade auxilliary switch just won't stand up. That's the "pointer" to look for on switch ratings, what size motor will it start. In five years???
The other is reversing. Drum switches usually don't have interlocks, but... They do require a consious effort to operate. A single phase motor
MUST be near zero speed to reverse. If it is running fast enough that the starter contact has not closed, flipping the switch from forward to reverse has no effect except a bump in the speed. This can be recognised by listening carefully when the switch is cut off. There is a distinct "click" from the motor as the contact closes. Only then can the reverse contact be made up.
You will rarely use reverse, but it
is nice to have when you need it. I seldom use it, the 27440 has a threaded headstock. Mostly when threading. The machine is old, read loose, and I really don't trust releasing the half nuts. Just having a big handle ON-OFF switch is the plus here. Reversing takes more wires. When it comes down to it, I highly recommend the drum switch, even it you just use fhe ON-OFF switch contacts.
Bill Hudson