Jeff, Yes,the electronic e-units can be replaced.I assume you have lubricated it,right? If not,give that a try.
To the best of my knowledge,it is now an electronic reverse board.
I think they just put a new board in now,but I am not sure.
I know how to fix pre and postwar trains,but I have not got into repairing the new ones-YET!
There are quite a few certified techs here on the forum,they can answer your specific questions and how much it's gonna cost.They are all fantastic people to deal with.You will see their certifications on their signatures on posts.
Or take it in to a Authorized Lionel Service Center if there is one near you for an estimate.
You can buy these Old Polar Express sets now for $150.00 bucks if you look around.Sell the CW-80 for $60.00,Sell the track for $40.00,Sell the 3 cars for $50.00,and you got yourself a whole #1225 Berkshire for parts for free!!!!,or it might be one of the engines with a bigger motor!!!!