Thanks Peter. I did put a drop of Labelle at each motor bearing before popping it into the Atlas chassis.
When I put the Atlas flywheels onto the Kato motor shaft, one pressed on nicely. The other was a no-go. With my “nothing to lose” approach to this little project, I very slightly enlarged the hole in the brass flywheel, lightly roughened the motor shaft, and joined them with a drop of CA.
That glued flywheel has an almost negligible wobble, but its probably enough to be the source of the running noise. The noise is more pronounced when running on the test oval, and is much quieter on the bench.
In hindsight, I probably should have tried heating up the flywheel and then pressing it onto the shaft. Live & learn.
I just got off the phone with Atlas customer service manager moments ago … ordered a new motor assembly.