Looking to power my dust collector in a way where with using a light switch in one position it is running constantly and the other position power is running through a power foot pedal to activate the outlet. but I am looking to keep the Dust collector plugged into the same outlet all the time.
You should definitely not build that as drawn. The plug for the foot switch side will be electrified when the selector switch isn’t set to foot switch mode, and plugs should never be electrified.
Also beware that physical arrangement of wires matters. All the current-carrying conductors (both hots and the neutral) must be in the same cable, conduit, or raceway. You can’t have, say, some 14/2 for the always-on leg and a single wire loose a foot away for the switch side. You end up creating an electromagnet with heating and mechanical stress effects if you do that.
You also can’t have parallel conductors - running hot and neutral pairs for both the always-on leg and the foot switch leg and joining them at the receptacle is not allowed (maybe ok if you use a double-pole mode selector switch though).
You’re trying too hard to force-fit that particular product into your scheme. Go another way.
Get a 24VAC transformer and a 24V/240V relay. These are both cheap. The relay contacts interrupt power to the dust collector. Now we sidestep those Code violations because low voltage rules are different.
This wires a lot like a thermostat.
The transformer supplies R and C. The relay coil gets C and W. Then you run thermostat cable carrying R and W to anywhere you want to control the dust collector from.
It’s real simple, short R and W to call for dust collector. Use any low-voltage switch you please to do that.
If you want to use that same foot pedal, carefully remove its entire cord intact, as that cord is special. Then attach R and W to where the cord had attached.
So, get a three way switch (SPDT) rated for the horsepower and wire it up. Line hot to brass, direct out one traveller (black) footswitch hot out the other traveller (also black.)
If the horsepower rating is a problem for finding a switch, use a relay rated to power the motor and your switches will be switching much less - you could even use a relay with a lower voltage coil and a low voltage switch setup so the only line voltage would be the supply and the output to the dust collector.