Old Tucson Studios owns V&T #11. It is my understanding that they have been approached in the past about selling the locomotive, but have indicated in one way or another that they are not interested. It is difficult to see how it's presence makes that much difference financially to the owner, but they must think so, as they do mention it prominently on their website and in their promotional literature. But it's not like they've put a ton of money into restoring it's former luster since the fire.
From my perspective as just a casual observer, I think that if it could be repatriated, the funds could be raised to restore it. This locomotive is relatively famous. It has been in quite a number of movies and was a particularly beautiful piece in its heyday. I think there is enough public interest to stimulate crowd funding, and there is certainly justification for historic preservation grants. To actually make it operational would probably make it more of a replica than an original piece, but hey......the W&A "General" is still the "General", even if there are few parts left from 1862. Just imagine "Reno" with a new boiler and an FRA certificate. Imagine seeing her on the rails of the new V&T with a couple of historic coaches behind her. I'd be satisfied just to see her in the main hall at the NSRM. It's where she belongs.
/Kevin Madore