Earl has commented on this in the past. I'll try a search to see if I can find exactly what he said. But from memory, Wheels need tires, major Running Gear overhaul, new tube sheets, and something about the crown sheet being either replaced or refit. The tender needs a bunch of work too, including rebuilding the trucks, new shell and some have said there is a twist in the frame from a 1958 rollover. I do remember that the repairs needed are all repairs that have been done at the C&TS shops. It was just at the time of 483's retirement the shops couldn't make those repairs.
From what the C&TS shops have said - the 492 would require less work to make railworthy. The hope is the long term plan is to make repairs to the six current locomotive then if time and money permit take a took at either 483 or 492. I'm hoping for both.