If you suspect that the board may be the cause, disconnect the motor from the lathe.
Follow the wires from the motor to where they are terminate, I suspect a fwd-o-rev switch?
Then connect a household 60watt lamp, mounted in a bulb holder with a length of cable attached…..connect to the terminals where the motor was wired to.
Now, go through the start procedure you use to run up the machine, but with the speed pot at minimum. Then increase the speed pot and observe if the lamp increases in brightness as you turn the pot……if the lamp glows dimly or is at max brightness, there is an issue with the control board……
If the above shows that speed controller appears fine, you will need to remove the motor for further checks.
NOTE…..if you remove any wiring, ensure you mark it to ensure it goes back from whence it came……