I had exactly the same symptoms on my Boxford. Mine would slow to the point where the thermal cut out on the NVR would trip, particularly if trying to run at the highest speeds. The problem was that the headstock spindle bearings had been over-lubricated with grease, most of which had hardened. As I wanted to replace the drive belt I stripped it out and cleaned everything up, re-greased the main bearings, oiled all the other bearings and it now runs perfectly.
I assume the motor is big enough? Being single phase it is probably a replacement, so it could possibly be undersized. I think ½ hp is the minimum you'd get away with on a Boxford.