It looks like you've got a 240 single phase compressor? What brand starter is it? It looks like an IEC listed type, versus NEMA. I can't remember the terminal designations for IEC on the top of my head.
I'll try and help to explain what needs to happen. The pressure switch needs to cut out power to the coil of the magnetic starter. If the coil voltage is 240v, you can break either leg of the 240 before it reaches the coil. I would do it at the beginning of the control circuit, before the on/off or overloads.
*There are two wires on L1/Terminal # 1. The feeder wire needs to stay there. There's an additional wire shown that goes to the OFF switch. That wire needs to go to the pressure switch first, then it returns to the OFF switch. The pressure switch will be in series with L1/Terminal#1 and the OFF switch. If the ON/OFF switch doesn't have voltage, the motor won't run. The pressure switch will allow voltage through when pressure is low.