Actually the residue from Calcium Carbide – yes, its calcium hydroxide – is really excellent as an absorber of carbon dioxide. The result is limestone. So, taking that process alone must be good for the environment …
But of course, the science must be looked at in the round, not in isolation. Carbide is made by heating lime with coke, and the lime is made by heating limestone – giving off carbon dioxide. Yes, exactly as much as will be absorbed in the carbide residues.
The big problem with model boilers is that they are made from copper, and so draw the heat away very quickly. And it is difficult to hold the bits firm while surrounding them with insulation.
Cheers, Tim