Sure it’s possible to build a (or several) replica of #9, though picking a prototype with a straight boiler as opposed to a wagon top would be more economical to build.
I don’t know what you mean by, “A modern reproduction of the engine would eliminate the safety issues.” A new reproduction is just as likely as the original to explode in spectacular fashion if run out of water, or run away if the train has defective brakes.
At the Strasburg Rail Road, we have built the running gear, and about 30% of the boiler for a replica standard gage V&T 2-6-0 about the size of the #9. Unfortunately, the project has been stopped due to financial issues, but should be restarting soon. The web site for the replica is
[web.mac.com]%20Lyon/Home.html (Copy and paste the entire addrees into your address line to view. I don't know why only half of the address is recognised as a web address.)
Financially, #9 could be overhauled several times for the cost of a replica. Also, if subject to abuse, a new locomotive could be in need of an overhaul just as quickly as an antique.