If V&T #11 (Reno) were to come back to Nevada, the most plausible home for it would be the Nevada State Railroad Museum. They have most of what's left of the V&T collection and have found a way to keep much of it indoors. Given current condition of the locomotive, the most likely disposition would be a cosmetic restoration, similar to what has been done with #18 (Dayton).
Does anyone have an accurate handle on the true state of the Reno? Based on some of the stories that are out there, there's been enough damage from exposure, the fire and subsequent surgeries on her that even a cosmetic restoration would be a pretty extensive piece of work.
/Kevin