If you follow the circuit I posted, the latching relay only carries relay coil current so can be a small device.....................
(3) The contact rating issue on the relays still looms. Max had suggested a very heavy duty P&B relay (50a) for the power relays but I wondered if I could get by with less for a 1/2hp motor. The 1800w starting current figure that I saw for a 1/2hp capacitor start motor would suggest that 16a is adequate. It's also very hard to find a latching relay with a contact rating of greater than 16-20a, and those are generally resistive not inductive. Your thoughts?
For safety reasons it's advisable to not put line voltage on the limit switches as you show. Also they may not be able to handle the motor current.
As I previously noted, the latching relay needs to be an alternate-action, impulse type.