The general rule of thumb for a Form 4 on a medium-sized locomotive, according to "those in the know," starts at about $500,000 and goes up from there. To a certain extent that figure can be reduced by volunteers. But so much of the work has to be done by licensed, certified, and otherwise highly-skilled personal, you are not going to be able to chisel away a lot of that $500,000.
There are good reasons for doing it right the first time from the rail head to the top of the stack. The first is that cut-rate maintenance work will only come back to nickel-and-dime you to death over the next 15 years.
The second is an emerging concept in liability law called "best practices." I have spoken about this concept before on this forum. Both federal laws, rules, and regulations, and the general consensus of professionals who work in the profession provides a body of required and recommended practices for steam locomotive maintenance and repair. This body of requirements and recommendations constitute "best practices." Some of those "best practices" comprise the Form 4 process, an inescapable requirement. But there are other practices that do not carry the force of law, but which nonetheless lay out a framework for sound maintenance and repair practices.
Yes, you can cut corners and do only the minimum necessary to meet the requirements of the Form 4 to return the locomotive to operation. But you place yourself and your organization at peril if you have a maintenance-related failure that leads to an accident, such as a derailment/rollover, in which passengers are injured or killed. You will, of course, be sued. And what will you say on the witness stand when the attorney for the plaintiffs asks you if your shops followed all customary required and accepted "best practices, " and you have to say, "Well, I guess not"? See my point? Do it right in the first place, and save yourself a lot of brain damage down the road!
The world of steam railroading changed forever following the implementation of the new Federal steam locomotive regulations. Everyone's life is now more complicated, difficult--and expensive. Whether you are an insular railroad or not, you had best be playing by the rules of the game. The rules are the rules, and you can choose to play along--or give into the urge to cut corners and calculate your risks. Your choice--not mine.
PS. In the global scheme of things, the steam railroading community is a very small one--and from an actuarial point of view. There are opportunities for synergy everywhere. But each and every member of the community also has a responsibility to act professionally in his or her operation for the good of the community. One serious accident, one fatality, would be the kiss of death for the steam railroading world as a whole. You can be sure that insurance rates would go through the roof, to the detriment of every operator. Or worse still, insurance would simply become unavailable. Don't take shortcuts; play by the rules, no matter how onerous they may seem. You'll be glad you did!
Mike Rowe