One word of caution regarding reversing a treadmill motor. The brush placement is optimized for one direction of rotation. Being a PMDC motor, it can of course be reversed. But it will be less powerful, less efficient in reverse. If at all possible, when you install it on a tool, arrange that the "forward" motor rotation runs the tool in the normal/most frequently used direction.
PS - when I installed a treadmill motor on a drill press this last year, I wired the controller in parallel with the (110 volt) light. The original on/off switch was then isolated from 110 and used to interrupt the center wire on the speed control pot.