I think Jason asks a very good question Derek and I'm afraid that you've not completely clarified things to my mind.
You want an engine "that will go up and down the track if you ever go anywhere" – but perhaps the key question should – do you want to sit behind it (and be pulled along) or do you want it to pull some scale stock instead, with you "driving" it from the side of the track?
You see Gauge '3' (2.5" ) is both the smallest of the passenger hauling 'gauges' and the largest of the scenic 'scales'. It sits right on the dividing line between where it is possible to both be pulled along by your engine or used as part of a model railway (such as in Gauge 1 or 16mm). This is broadly why there is both a National 2.5" Association and a Gauge '3' Society. The Association is focused on the 'driver' hauling (MES) side of the gauge and the Society on the garden railway side of it. The Association hold 'Rallies' at Model Engineering Societies (at least those that have a 2.5" gauge track) around the country and the Society hold their Garden Get-togethers at Host Members gardens. indeed many G3 Members are also members of the Association (and vice versa) and do both!
I would take the comments about old technology/designs with a pinch of salt. Basset-Lowke designed their engines for a particular market – which in those days did tend to be wealthy owners who wanted a garden railway for either themselves or their sons – often both. They were not intended for passenger hauling, so the "Battle of the Boilers" is only relevant in my opinion within the context of a passenger hauling requirement (which was what LBSC championed). For "Garden" use – spirit firing is perfectly acceptable and there are many G1 enthusiasts who still prefer it to gas-firing.
And with respect to that "only for wealthy gentleman" comment – the main cost of restoring your engine will be the boiler. If you are having a boiler made, then it would be built to up-to date standards by default (in safety terms one capable of passing a boiler test as per the SFs Green Book). You could also choose the firing method used. I think an experienced boiler maker would be able to modify an existing design (as I've previously suggested) and come up with something that would work very well. The quality of the rest of the engine would be entirely up to whatever standard you wanted to build it to (or have it built to). If you think this is going to be expensive – then I can assure you that it will be much less expensive to do this work in 2.5" than any of the larger 'passenger hauling' gauges.
Whilst garden railways might have once been the domain of the rich (or at least those with large gardens) that is not the case these days – as many who model in G3, G Scale, G1 and 16mm can attest to. In fact you don't even have to own a garden – a (former) Chairman of the G3 Society used to live in a flat with no garden at all.
Perhaps the best advice I can give you Derek is to contact the National 2.5" Association and the G3 Society and ask if you could pop along to one of their local Rallies or Garden Get-Togethers. You can see some real engines in steam and meet some real people who own and run them. This might help you to decide what would be the best route for you to take. If you PM me – I can make any necessary introductions (I'm a member of both organisations). You will also be able to get some expert advice if you decide to restore your locomotive.
But I'd find out where your heart really lies first.
Regards,
IanT
Edited By IanT on 20/07/2016 11:40:18