If this uses the 5-pin connector I think you are talking about, then yes you have it figured out. The motors do run on line AC (117V) - and yes as you can see one end of the AC for both motors would be tied together and the motor leads going to each separate pin would need to be switched. If you do wire these up to a polarized outlet, and are making a 5-pin interface, then wire the neutral (wide prong) side to the two motor wires that are joined together, and run the hot (narrow prong) side to your switches and to the respective motor pins. If you can find them, however, I would recommend a single-pole, double-throw switch so you can either switch to the slow motor OR the fast motor. If you use individual switches for each motor you must be extra careful that you never have both the fast and slow motors powered at the same time. Please note that in reality the motors themselves don't care which side of the AC goes where - they aren't polarized at all. It is just usually safer to put a switch on the hot side. If you use double-pole, double throw switch, then it really doesn't matter at all since you can switch BOTH sides that way. For safety I would also put a 1A fuse on the slow motor hot side, and a 1.5A fuse on the fast motor hot side (if your unit has the old-style motor stacks where the fast motor is bigger than the slow motor).