Just a quick update. I decided to strip the motor down. I couldn't pull the brushes from the housing, as I couldn't find my mole grips so I wasn't too bothered about damaging them: after all, they were knackered anyway....
As the housing came apart (I left the gearbox on), one of the brushes popped out to about an inch proud, the other about 1/4". Only one was gone, I thought. As I poked and prodded the second shot out, almost meeting in the middle. It seems like I had a seized brush; it would explain the low torque, high load reading and stuttering performance. Using a bit of Scotch-brite I cleaned the rotor contact up, and applied, what in hindsight might have been a silly idea, a wee bit of Coppaslip to the side of the brushes. I reassembled the motor, refitted it to the "Motah", rejoined the cable as I had to cut it, and it sounded like a perfect condition motor would. To keep the brushes out of the way during reassembly, I duck-taped them back, slid the rotor in and pulled out the tape (thanks to the Coppaslip it didn't stick to the face of the brushes)
The Drive belt is still slipping, I'm not sure which way I twist the motor to add tension. I've tried shimming it with an old bank card but it still slipped. I've marked up a groove on the output gear, and it is definitely spinning, so the horrible crunching noise is coming from the belt, not the gearbox. If I can't shim it enough then I'll price up a new belt: there is a BSL trade counter not too far from me.