Yesterday, one of my ZWs got so hot, I couldn’t put my hand on it for more than a few seconds. The only reason I felt it was because, an MTH RDC would not pull its 3 dummies up a 2 percent incline. No breakers (internal or external) tripped. Not sure if it contributed to the problem, but shortly before this happened, I had an engine lock up due to a gear jam, but I hit the REV button on my DCS remote within about 15 seconds.
Today, I tried the ZW with no load. With the handles at 6V or 20V, it stayed cool for a few hours. And it put out 19.9 volts on all terminals. I hooked it back up and ran two trains (on the A and D terminals). Also had C set at 14 for switch machines and B set at 12 for lights. It did get hot under load, but not so hot I could not hold my hand on it. My other ZW (also running two trains) stayed cool as a cucumber. After about 45 minutes the red light came on. When I reduced the C post to zero, it went off. And after about 30-60 seconds, I heard the breaker reset itself.
I got the transformer from Henning’s about 35 years ago and it still has the original Lionel cord so I doubt that it has ever been refurbished.
I’m thinking I will contact Harry Lutz to see if he will take it as a trade in on a refurbished ZW.