Yes you have figured it out correctly. The THR-110K throttle's thick red wire goes to the SPD-36500R controller's red key switch wire, and the throttle's yellow wires goes to the controller's blue key switch wire.
Please let us know if you have any questions.
Perfect, thank you.
I have the throttle portion of the THR-110K handled, but have a question on how to connect the key switch to the SPD-36500R controller. Do you just connect the wires shown below?