Do they know what they are doing?
Well, in a narrow technical (engineering)and fund raising sense, yes.
Do I think that this is a viable project? No.
Why? The project only speaks to our imaginations: An interesting looking locomotive, and the intriguing duplex drive concept.
But overall, realities don't favor this project: The original T1 was ultimately not an operational success. The large scale manufacturing facilities required to build the entire locomotive, not just smaller elements, no longer exists (example, who would cast the frame?). I also see no mention of a sponsoring railroad which would allow operation at speed (poking along at 15mph on museum trackage seems pointless). The T1 is simply too large and mechanically complex, resulting in an exorbitantly high cost. The fund raising effort will have run out of steam long before you would be able to raise any steam in this locomotive...
Could I be wrong on all this? Absolutely! So, prove me wrong...
In short: Too many unanswered questions combined with romantic wishful thinking.
Don't get me wrong, I love this locomotive. I wish that one would have been preserved, and have the Broadway Limited model. But will I strip my savings for an at best only remotely feasible dream? No.
For this project to move forward, I think you need much more hard and fast data on the actual construction process (who, how and where?) and transparency on the funding (who controls spending and is there a reversionary clause?). So far, I only see a dream and a request for money.