I don't know what the adjustment settings are that you posted, but the speeding up could be the result of the belt in the bottom inside slipped off its spool that acts as a gear for the speeds, similar to gears on a pushbike but they are smooth spools.
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The first step to resolving this issue is to select the appropriate RPM speed for the record that you have in hand. If it is not a simple 33 1/3 RPM record set on 45 RPM, then it would seem that the phono motor speed could require adjustment. Your phonograph is a belt-driven PX-E860 K with a DC servo motor.
Some people mistake the the 7"/LP record size LEVER for the rotational speed BUTTON (33 RPM when raised; 45 RPM when down).
In the case of needing to actually callibrate the rotational speed, underneath the unit there is a hole labeled "33" & a hole labeled "45." Using a very fine precision screwdriver, you can callibrate the speed of each. Insert the screwdriver into the repsective hole past the rubber & slightly turn the screw (rotational speed increases as you turn the screw clockwise).
It's most likely a belt issue. I'd call Crosley - their customer service team is there 24/7 and the number is 1-866-CROSLEY (or 1-866-276-7539). If you've had the unit less than 30 days, they'll flat out replace it. If it's been more than 30 days but under a year, they'll replace it and (from what I was told when I called about my own) it's $20 shipping but they'll cover any defects in workmanship, etc - as long as it's not accidental damage, blah blah blah.
But first - they'll hook you up with a Technician to call you back (before you worry about having it leave your possession for a while). The customer service people will take your info - they'll want model, serial, date of purchase, etc - and then depending on the time of day will connect you with, or have a Tech call you back at your convenience.
I was having the dreaded "Hello" error and a customer service rep actually told me how to get past it - I was thrilled :)
This sounds like a motor speed control problem. It could be either the motor itself or an electronic fault. So unless you know a bit about electronics and know how to use a soldering iron etc, then the answer to your question is no.