#2 to what Swarf Mostly says.
The Dewhurst is a direction control and switch with a central power off position. And a good one too. But the relatively slow make and break action of the contacts leads to arcing which will eventually destroy the switch. Home Shop guy (or gal) is unlikely to live long enough for that to happen tho'.
However the central off position is a mere sprung detent so fairly easily inadvertently knocked which will set the lathe running with consequences from Ooops, naughty words upwards. Its not that easy to quickly go back to off in an emergency either.
Proper NVR switch has nice button that are hard to hit by accident and can easily have an emergnency stop with nice big mushroom button added. Along with other safety interlock switches if need be.
NVR switches automatically go off and stay off if the power goes down. Sothings won't start up unexpectedly when it comes back. The common DoL (Direct on Line) motor starter box is an NVR switch.
Much to be said for connecting the lathe work-light to the same power input as the NVR switch so if the light is on you know there is power available and the lathe can be run. Sometime you need to be sure Turned Off really means Turned Off.
Clive