SteamingNorth.com ... (Click on a picture to open that album and then on a picture to enlarge it...........Pictures copyright of Author

At the back of the driving position and between the engine compartment, there are some panels - Removing one of the panel covers shows the state of the electrics - bakealite switches. Not very safe after 60 years. These would all have to be replaced with modern switch gear and all upgraded before it would be allowed to run again.
It would not be the same machine if done. Just a shell of the original machine would remain.