Thanks for linking that Curt; that switch has the best wiring diagram I've come across.
This appears to be same switch, if I'm not mistaken.
Update: I took apart the existing physical switch, and wire brushed all the contacts. I did the same with all the contacts in the control box that were easily accessible. I also burnished the stranded wire ends that were soldered, which was most of them.
There was only minor corrosion on a few contacts.
The end result was the same as before: motor starts upon depressing 'start' button, then shuts off when button is released (after two on/off cycles, it fails to run again, period).
So on to plan B: replace the switch. I'm going to to some shopping around to find a better price; if I don't find anything, the Grizzly switch Curt has referenced may be what I end up ordering.
Eric: Based on the notation on the motor plate ("22/11"), I would set the overload dial to
11, correct?
Also: I was wrong, my motor is 2HP, not 1.5hp.
Attachment 466374