You are using the wrong 5V-0 you want the 5V-0 power out not 5V-0 Input.

Connect ACM to 5V-0 (power out) and A01 to V1

Also, if you are using a water-cooled spindle with ER collets then you shouldn't really be using the REV as you will loosen the collet nut if run it in reverse.

I would also use a separate 2PST relay for starting and stopping the spindle, can also use the same relay to control the water pump.

To control the relay just run 24v+ to the relay A1(+) coil terminal, then run OUTPUT (02) to the A2(-). This will turn the relay on/off.
Then connect DCM to Contact #1 Com and FOR the other side of the contact.
Put water pump power thru the other Relay contact.