Brian, given the age of the loco, it wouldn't hurt to take the shell off, clean the commutator and put new brushes in, even though they probably aren't worn much. You could check the tension on the brush springs, and either stretch them a bit or replace them. While the shell is off, a little grease in the gearbox, and oil the bushings on the worm gear shaft, as well as all axle bushings. The sound won't go away completely, but might quiet down a bit.