Problem- Reverse regulating wheel on centerless grinder

[BAFJB]

A friend of mine has an old Cincinnati #2 centerless grinder and he wants me to add an electrical circuit to reverse an AC motor to change the direction of the regulating wheel. This motor drives a chain which is connected to a gearbox. The circuit needs to have a delay long enough to allow the regulating wheel to come to a complete stop before reversing. Has anybody done this? What components are involved? I have a schematic of a chip conveyor reversing circuit using motor forward and reverse contactors but they do not use a delay circuit.

Thanks for any ideas or suggestions.....