Anyway, the guys at the motor shop hadn't gotten around to checking it by lunch, and the owner wanted to try this pulley idea, so I picked it up and took it back to the site. The remote manufacturer recommended going 240v. The transformer in the remote box was capable of 240v, so I rewired that and the motor for 240v. Now @ 120v I had 15% drop. I started the lift @ 240V and once it reached the boat, I got the same thing only less severe. The motor was stalling and VD was 7%. Yes, I got the "oh crap" feeling.
To answer a question from earlier, yes the gearbox was well lubricated, however, an inspection of the bearings on the rollers revealed that not a drop of grease had been applied.
We greased the rollers and it now runs like a champ w/ VD @ 2-3%. Tada.
I feel like an idiot. But thanks for all the suggestions!