I have a similar issue in my bandit. If I run a lipo it cuts out on low voltage. Several different lipos, all balanced, charged and working in another VXL setup.
It will run but then gets real hot real fast and cuts out.
Swapped battery to NIMH and turned off low voltage cut. Same issue, I can run the wheels in the air but when I put it on the ground If I take off super slow it will get to rolling speed ok. If I launch it, it just cuts out and does the slow red flash ie low voltage. If I push start it, it runs ok, all connections look good. I also have power to the rx and I have steering at all times..
I am going to try switching it out with my other vxl esc to see if it is motor or esc related. Just happened so I havent had time to swap it.