I believe that I've found the problem. First of all I found the reversing switch, hidden on the RH end of the bed, in its own little housing. As it's only about 9" away from the wall on the RHS I've never had cause to look at that view of the lathe since it was planted and hadn't noticed the switch location.
Anyway, the switch mounting screws had become loose with the lower one completely out of its thread in the back of the housing, causing the switch to pivot on the top screw and move away from the "forwards" actuating cam. Because the upper screw was still, mostly, in place, it served to hold the switch sufficiently for the "reverse" cam to actuate the switch. Why it would appear to work in forward after a rest period I don't know.
Sadly, only the upper screw will hold and the lower one won't tighten, so I'll have to deal with that but at least the lathe now seems to work OK in both directions but I'll do some work on it tonight and see how it performs. Also, now that I'm listening for it, the centrifugal switch can be heard operating properly (in both directions) as the chuck slows down to stop.
Thanks to all who contributed and participated in this discussion, you've been a great help to me and I've learnt a few things from it.
Cheers
Colin