I'd put a new switch in it. Each speed has it's own position on the rotary switch. Sounds to me like the contacts for those two positions are bad.
Look up jones trolling motor in texarkana on the net. I've found them to be extremely helpful in diagnosing trolling motor problems. I just rebuilt my minn kota 70. They got me the parts I needed (and kept me from buying ones that I didn't need) plus told me how to do it over the phone. It all went perfectly.



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