No hands-on experience with this loco, but always start with the easy things first - and it might be a wheel or traction tire/truck side frame interference. It gets louder on the curve.
I had a Williams NW-2 that ran poorly in one direction. Turns out that the side frame was mounted a bit off-center (couldn't see it) and the traction tire was rubbing the brake shoe - the brake shoe was actually acting as a real brake shoe! I removed the side frame and Moto-Tooled the inside of the shoe to a larger radius that did not rub the tire.
It does not sound like a tire problem - the sound, in fact, does not - but perhaps it is an accessible wheel/truck interference.