Kevin,
Yes, if the right amount of money became available, it could be done.
There are still many companies in this country that can roll boilers, smokeboxes, and can cut bolt holes in Fireboxes. As a matter of fact, the new boiler codes make it possible to use an all-welded boiler. Water-jet technology was used to bore the holes for the new firebox in the 844. This allowed the holes to be bored with no metal fatigue caused by heat to the areas surrounding the staybolt holes. It was done in this country and the engineering work was extremely impressive, I must say. Even the holes on the curves of the crownsheet were cut to an oval, so when the sheet was curved the holes became round. Amazing stuff.
Youngstown Steel Tube is still making fire tubes. There are new fire tube boilers being made as well as water tube.
But the boiler is the easy part (no kidding). It is a pressure vessel and all it takes is money.
The drivers, cylinders and cast parts are going to be the expensive pieces. Each was made for a particular application and getting the masters made for sand casting, or whatever casting process is going to be used is what will cost. This includes, but is not limited to wheels, cylinders, dry pipe with throttle, dome caps, stack, stack base, eccentrics, D-block (or piston valve), (check valves can be purchased, usually), Many of the cab fittings like the turret, water glasses, (most valves can be purchased) Throttle and Johnson Bar (usually forged and machined), and basically too many parts to mention. Then you can add the frame which, if a replica, will be made of steel bar, formed, drilled and reamed. There are your driving boxes (which, if a modern replica can use roller bearings) which are also cast, hub liners, Don't forget your machined shoes and wedges. Plus all of the castings for the pilot truck. Then comes the tender and tender trucks.
If you were going to build one today, I would recommend looking at modern bearings and lubrication technology.
We haven't yet touched on the electrical system and whether you can even find a locomotive generator and appurtenances.
The thing is, it could be done, but it would be a BIG job. Are you up to it?
Yup, you can do the same things with the Rolling stock. The D&RGW did it with their Steel cars for the Silverton Train in the 1960's. The sticky part now days is the trucks. Once again, Masters and castings and money, money, money.
But hey, we're talking CHS here and money is no object... so have fun.
Rick