Is the left-hand side of the circuit what you actually want to build? A 1v supply driving the LED won't work very well. LEDs need current and they need enough voltage to overcome the diode drop. Most LEDs are 1.2v, and what's inside the optocoupler is just an ordinary LED.
A supply of 3v or more will be required, along with an appropriate current limiting resistor.
Ag good, universal motors are less nasty to switch and you can even do crude speed
control with a triac circuit (well perhaps with smaller motors).
In a universal motor the inductance of the field coils will send its current through the
armature on switch off rather than cause a massive arc like with an induction motor.
Assuming shunt-wound universal motor, that is.