Also, you need to post the product number of this engine. I think yours is the Railking version given your tighter radius Fastrack layout.
So this engine? https://mthtrains.com/30-1116-1
What does your box say?
Cab No. 1604 Die-cast Articulated. First Time 2-6-6-6 Engine for 3 Rail O-31 with Proto-Sound. Box cataloged with incorrect item number 20-1117LP. Correct Item number at the time was 30-1117LP which was later converted to 30-1116-1 in the accounting system.
Also, it's possible seeing yours has the wire tether, maybe this was an upgraded unit with either PS2 or even possibly PS3?
Bottom line, the failure diagnosis doesn't change much, it's again for sure the board is not seeing the tachometer, the how and why behind what is wrong could be a few things. Also, given this most likely is the Railking and the motors pivot inside the engine, then that tach wiring has to flex with the motor. Thus, if it worked before fine, and then one day stopped, my 2 big first ticket items are the tether between the engine and tender, and possibly that wiring inside the engine leading up to the tachometer sensor on the motor.