Tom,
The charge controller is fine, but then you have to bypass it when the speed falls to use it as a motor again.
BobH,
This applies to most motors, AC or DC. I'll avoid talking about power factor/watts/bhp/torque and I'll be more generic and use the term "energy". When you first connect an electric motor, it consumes energy and begins to spin, that part is pretty obvious. But if your "load" (whatever you have hooked up to that motor) begins to try and turn the motor faster than it's already turning, there is a point where that motor starts to generate more power than it consumes. If attached to batteries, that energy would go in to charging the batteries.
The PM motor is the best for simplicity of design, but my concerns lay in not being able to "tweak" it (because you cant adjust the magnetic feild of a PM motor) so you might not get much generation out of it unless your batteries are near dead. And if your batteries are really dead, AND your lister is overloaded by your 120V head, the PM motor will pull the Lister down even more.
Still, it's a neat project and a really good idea, those are just things that "could" go wrong......hopefuly it just works nicely.
Steve