aboard!
Since it's a LionChief+ engine try running it with conventional control, that is, with a plain old transformer, if you can. Make sure you turn off the remote option on the engine, there should be a switch for that. If the engine runs normally with conventional control then the problem's most likely with the remote. If it still runs wild with conventional control then it's an engine issue.
I don't think you can fix either one at home, not in this day and age. A trip to a Lionel authorized repair shop would be needed for an engine or remote issue.
One last thought, is the remote option switch on the engine turned on for remote use? I've got a LionChief+ engine myself, but I've never tried it with the remote and with the option switch on the engine set to off, "just to see what happens." I didn't feel like courting a possible disaster!
I have a LionChief Plus+ C&O 4-6-4 Hudson #308 that runs extremely fast and flies off the track when even a slight bit of throttle is applied on the remote. I have another LionChief engine with a remote that runs fine on the same track. Do you have any ideas what may be causing the 308 to run only at high speed and how to fix it?
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