I assume this is for the spindle, right? Some induction motors will reverse directions, others won't. To find out, remove the plate that covers the wire inputs. If it's reversible, there should be a diagram showing which wires to switch.
Induction motors aren't susceptible to speed control; they run at fixed speeds, like 1725 or 3450 RPM. You can set up a pulley cluster to get different speeds, with torque multiplication as a bonus. If you want variable speed, either get a 3-phase motor and run it from a Variable Frequency Drive or a DC motor run through a PWM controller.