Is this right?

[powerband chaser 302]

Everything looks good except the wire you marked 6al. If by that you mean it goes to your mds igintion box, and its the lead power wire then it goes on the other side of the solenoid, With the red battery cable. Wired as is logic tells me it would run only if you kept turning the key to start. as soon as you let go of the key it would stop. Also if i were you i would replace it before you start driving it all the time. It looks like an old solenoid and you dont want to get stuck in egypt for a $10 dollar part. my $0.02 good luck with the project. Let me know if theres anything else you need. I know those motors as well as the wiring pretty well.