[VetteVet]

It sure sounds correct for your purposes. If you didn't get a spark or blow a fuse when you hooked the hot wire to the bottom terminal then it has to be correct because all the others should be Grounds for the different speed windings. to check this you could use an ohmmeter and measure between the three terminals and the motor body and they should all read zero except the hot one and it will have a reading of less than 100 ohms. I'm guessing on that but it should be whatever the winding resistance is on the motor. If you check between the hot and the other two terminals you should get a little resistance on the high speed and more yet on the low speed.
If this checks out then you could move the no. 3 terminal to one of the other two and see if the speed slows. I hope this makes sense.