First, continuing to run the engine, or forcing it to run faster with more voltage isn't doing it any favors. If a previously good loco is suddenly misbehaving it's trying to tell you that something's wrong.
I agree with Yardmaster. If it's not squawking or squealing then lubrication's not the problem. Everything you said suggests it needs a thorough but careful cleaning of the electrical contact surfaces: Brushes & brush holders, commutator surface, slots, maybe even wheels and pickup rollers.
If the brushes are worn short they should be replaced. If the brush springs are weak, you might need a new brush plate (which is available at modest cost and should last another 50+ yrs.) If there are deep grooves in the pickup rollers, or the springs are very weak you can replace the individual rollers or the whole "collector plate."
Spritzing the E-unit drum and "fingers" with electrical contact cleaner is the best way to clean it, unless you have specialized tools and skills. Most of this type of cleaning is basic and required maintenance on traditional Lionels. I bet if you do this it will run as well as you remember. Please give us an update with your results!