Yes, definitely go with a 120vac control circuit.
Commonly one would take 480v L-L power from the line side terminals of the contactor to (2) KTKR fuses sized for the CPT. Then (1) FNM fuse for the secondary grounding the other side to feed your control circuit.
It is also common to stay with a 480v coil in your contactor controling it through an interposing relay that has a 120v coil. This would allow you to keep the CPT at a reasonable size by not having to provide the VA that is necessary to pull in what I see as a size #6 contactor where the coil may require 1kva to pull in and 100va to seal. But you need to review the specs of the contactor that you choose as some designs maybe less as they actually may use a DC coil feed through a full-wave rectifier and powered with 120v.