Changing everything would certainly work, but so would changing the motors to something younger which spin faster on the same voltage.
We don't exactly know the specification of the motors, but they are clearly "mature". The words suggest they are wound for 6 to 12V operation, so this is a fairly "soft" wind, almost certainly 20 to 25T. As I said before they will be pretty dull on 6V.
I'm not sure, Mark, if you are able to try them on a nicad pack of 6 or 7 cells (7.2 or 8.4 Volts), but this is what they are made for.
If we knew their details we could suggest a replacement that was "Hotter" and would produce more revs at 6V (ie a higher KV)
I have had a look through the Graupner range - and the ones that seem to be promising are:
S600 - any 7.2V version (NOT the eco)
S500- any 7.2 version
or go into a shop which does buggy racing and have a look at replacement buggy motors - look for the cheapest with outside brushes and a "Moderate wind" - about 16 to 20T. These will still spin fast on 6V
http://www.modelsport.co.uk/?CallFunction=Category&CategoryID=99202515 is a typical selection
remember you are looking for an "05" size, or a 540, or 550 or 600 (all the same) - take a motor in to be sure
It may well be that just replacing the motors with ANY new motor will revitalise the drives - while you are doing the replacement don't forget to take it all apart and lubricate everything well for the next couple of decades
Sorry I can't be very specific, or offer any very guaranteed solutions
If you upgrade the motors enormously, the current draw will increase - perhaps out of the range of comfort of the lead batteruies you are using - they are not great friends with Mr. Amp
Or you could go to a pair of brushless, and your fireboat would then not need the monitors - the roostertail would extinguish anything!
Happy to help if I can
andrew