It is difficult to make out but I think I see four diodes. Diodes typically drop about 1/2 volt @ and if in series this array would likely drop about 2 volts +/- to the motor whenever the white switch is open. Closing the switch "may" bypass the diodes. I can't tell without highly detailed pics of each side of that board but I think this may be what they did there. Do the black things (diodes) get hot when @ slow speed then cool at fast? (Warm is ok, hot not so much.) All that in mind you could have a binding situation in gear train or even the motor's bronze bushings. Wd 40 is basically naptha (Zippo) as a carrier to deliver the fish oil lubricant. The carrier evaporates and eventually leaves the gummy, acidic fish oil behind. This is what rusts your tools over time. (bad stuff imho) I use zoom spout turbine oil for my motors and stay away from both red and blue 3 in one crap too, also acidic. Oil is for the bronze motor bushings only, (disregard if nylon end caps) and only a drop @ each from a toothpick. Keep it away from brushes. The nylon gear train runs best dry as any gunk, grease, eventually draws debris and turns the lubricant to an aggregate (sanding paste, more bad stuff) also some plastics are broken down by some lubricants over time. To prove or disprove my diode theory put the light in slow mode and reverse wires to battery for a moment. If I'm right the motor will not run but the bulb will light then switch to fast, try again reversed, and the motor "should" turn in opposite direction as the bulb lights. Weak diode(s) will trash low speed also but there again, in my experience diodes either work or they don't but I surely could be wrong as I've never used diodes this way.
I ask again, aint this fun? :hahano: