Reed switch on the treadmill is a kill switch. Lanyard from a magnet key goes to the runner/walker and if you get "tossed" it kills the motor.The Chinese tend to be quite optimistic about their horsepower ratings. But honest HP is HP. And in general, permanent magnet DC motors tend to be smaller than the equivalent single phase AC motor. The controller probably has the ability to limit torque but you don't have the information necessary to modify it. The reed switch most likely supplies the tachometer signal - nothing to do with a deadman function. The speed control is probably connected to the blue wire. And may take it's supply from the red wire.
Its not a matter of needing that much power as that I have this available (and at no cost). The treadmill is likely going out on spring cleaning and I thought I might be able to make use of the components. Really, its not something that hasn't been done before, lots of guys have threads and YouTube's up on it.I'd be a little leery of putting a motor with that much power on an Atlas. They were usually made with 1/3hp motors, so putting something that could deliver that much power-and torque- is kind of like putting a Corvette engine in a Corvair. Yeah, you can do it, but if you start to really put some muscle in it, something gonna give. And it won't be pretty. Well, actually it would be pretty. Pretty expensive. The gears are pot metal and not designed to take that kind of power. The Atlas is a light duty machine and can do a lot, as many here already know. But trying to make it do the work of a heavy is sure to cause problems. You will be tempted to make it do things it was never intended to do. If you really need that much power, get a lathe built to handle it.