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Is the loco in question running with a DCC decoder (that was not mentioned). If yes, then the best way to troubleshoot these types of problems is by eliminating (physically removing) the decoder and testing the model under DC power.
The OP did mention - in the second paragraph - that "The decoder leads were twisted in place and I've soldered those."
In answer to a few questions, this is the latest model unit. I've cleaned (actually polished) every conceivable pick up point. After months of going down the electrical pickup path my gut tells me that the suggestion in an early response that it may actually be a mechanical binding issue ( a super small one) has me leaning in that direction. I did loosen the cover plate screws slightly. Can't say if that helped or not. With the holiday I've been running it all day and with each hour it's running smoother and smoother (as with the case with a lot of n scale locos. they like to be run). Again, I do think these are exceptional locos. The slow speed running smoothness is out of this world.
I know the headlight used to just wipe the front drivers for power, not sure if MRC changed that.
As on the revised Mikado and Pacific models, wiring for DCC headlight control was also added to these models. Unfortunately, only one wire (running back to the tender) was added. As pictured below, right-rail current for the headlight still comes from one of those annoying metal contacts running down to the driver pickup -
Since the headlight is not a reliable indicator, hook an ammeter in-line to the track and run until it stalls. If the ammeter is not reading zero, then you have a mechanical jam. If it reads zero, then it's a pickup problem.