I can only speak for the project I work on, but I can give a general idea of costs. The relatively new Form 4 rules have caused the cost of locomotive repair to skyrocket- but the big positive is you get about 15 years of service sanctioned by the FRA before the next big teardown and ultrasound of the entire boiler is required.
The 315 as we found it was one of the most badly stripped locomotives I ever saw. #169 in Alamosa was in similar condition. I suspect this is because the locomotive provided parts to nearby locomotives long after they were put on display.
Critical appliances were missing. The single remaining 9 1/2 pump was seized up- and I suspect it was put on that way just before display. The injectors were partially there. The G-6 brakestand even had its inside valve removed.
We had to spend about $100 K just on appliances. This included casting an all-new Economy firebox door. It cost lest than $100 in 1930 to install, but cost us $20K to cast up a new assembly (none were in stock). Injectors were rebuilt at $8K apiece and $10K for a three-feed lubricator rebuild (good news-the lubricator body, off D&RGW 1702, cost only $850 on Ebay). The tender was a total loss, and required a new tank and frame. The cab also needed replacement. The grates had to be replaced with all new castings.
We learned that everything that moves or turns-everything- has to be taken apart and rebuilt. The brake rigging was shot. The spring rigging was worn out. There were serious problems with the right side. The pistons and valves were shot. The Stephenson valve gear was worn out. Basically what we had was an ok frame, an ok boiler shell, and some usable hardware.
We are nearing the end of this project. It was seven long years, and a learning curve and we are real tired but fortunately few serious mistakes. We will have an excellent engine that will be capable of road service, the first C-class engine to ply n.g. mileage in half a century. Our only fear is some unknown problem will crop up after operation. Most of the labor was volunteer, though all machine work and welding was farmed out. The total cost will tip over $400K.
Other projects? That depends on the engine and, as I demonstrated, what usable appliances are still on the locomotive. A K-36 would cost about $600K because of labor. It has the big advantage of having useable appliances. I look at the forlorn photo of SP&S #539 and guess it will cost about $800K to repair. My main postulate is any piece of machinery can be repaired to operation as long as there is the will and fortune to make it happen.
Our president, George Neiderauer, is writing two books on repairing 315. One will be for the general public and another will be a guide to doing such repair, covering all aspects, from fund-raising to parts resources. The latter will be very valuable to future presrvationists.