Wiring Issue need advice

I replaced the old Northstar 1.5-.25 motor with a Century S2S1152R motor and trying to wire the correct wires to the new L1, L2, A and ground. I previously had the set up where it was 1, 2, 3/4 and ground.  So after a little checking and going through the InyoPools How To on wiring a dual speed 230V motor and trying to match to the original it did not work.  However, I think I have realized that the black line is High and will go on L1, the blue line is common and will go on the L2 and the red line will go on the A with the gound going to the ground.  This is coming off a pro-logic panel board that runs all the timers etc…  As I was working very carefully to move the wires around to their configurations, I noticed that some of the protective sheathing has come apart at the wire harness collar going into the motor.

Question I have is:  Can I just wrap some electrical tape around the exposed wire and continue on with my wiring as described above, or should I re-run some new wiring?

I gave the back story in an effort to explain what has been done.  Any help on this would be awesome!

CD