The no-load current is indeed 180 amps (varies 160 to 190 in the several tests we have done)

As a rough cross check on the meter, I just measured the starting current on our diesel. It shows 240 amps spinning the diesel with the "stop" lever held down. This suggests to me that the ammeter is OK

Your idea that a magnet is badly installed sounds realistic to me. I am also wondering about partly shorted motor windings explaining high current and wimpy performance.

When I get hold or Lofrans tomorrow, I plan to ask for a replacement motor, or complete windlass, unless they can provide a do-it-yourself solution.

As you can see in another post, the Lofrans control box (relay) drops 1.3 volts. Seems ridiculous to me on a new relay