I am waiting for a decoder to arrive. See if this lets the model runs better or worse.
Like a fool I saw a second hand "ESU" decoder advertised on eBay and bought it. This turned out to be a Bachmann decoder made by ESU around 15 years ago. These decoders carry the letters ‘ESU’ on the circuit board and they are a first-generation LokPilot, suitably crippled by ESU to make sure they don't complete with their own product. Needless to say the performance was crap (the loco would barely start or stop) so this was returned for refund.
Buy cheap buy twice! I now have a brand new (and real) LokPilot 5.
This decoder has twelve (12) CVs associated with motor control, which would be a bit daunting were it not for ESU’s auto-tune feature. I have never seen one of these in action before. Essentially, you put the loco on a length of track long enough to let it run flat out in either direction for two seconds. Write the value 0 into CV54 and then press F1. The model runs and stops, and you then have a decoder configured for the characteristics of the motor.
I am quietly amazed. When I think of the hours I have spent setting up the decoders for my H0 locos, and never being quite sure I have got it right, this is a game-changer.
For completeness, I don't think the 470uF capacitor on the Heljan motherboard is providing any stay-alive capability beyond a tiny fraction of a second, but it isn't doing any harm either. ESU do a full-fat stay-alive module to pair with the LokPilot, but there isn't space to hide one of these inside the bonnet.
The Heljan 02 is running staggeringly well (though it was pretty good with ESUs factory settings) so I will put it aside to run it at NEEGOG on 11th July before beginning the conversion.

Decoder and packaging!