Update on the Mallet saga....
Opening it up, I found an interesting (in the Chinese proverb sense) set of presumably factory-installed electronics inside the smokebox.... a somewhat rickety lash-up of a 55020 (Lenz) decoder and one of the short-lived 55030 power boosters. Whatlep kindly provided much advice including some history on the 55030, which I hadn't been familiar with before. Apparently these were used to allow a 2-motor loco to run from a single 55020, but were problem-ridden and prone to failure, plus they were more costly than putting in a second 55020 in the first place!
Following Peter's advice, I first removed the 55020/55030 assembly and flipped all the DIP switches to return the loco to pure analogue, then tested it like that - result: a huge improvement, both power units now running nicely in both directions! So, with it now being 99.9% certain that the problems were down to a duff decoder and/or booster, I sourced a Massoth XL and wired it up - result: 100% success, now runs perfectly and sounds great!
After some negotiations with the seller, a suitable price reduction was agreed to cover what I'd spent on the new decoder plus a bit extra for all the faffing about, and I'm very happy with the end result.
Thanks to Peter and everyone else who offered advice, I now have my first Mallet up and running, fully digital and sounding lovely.
Jon.