The California Western does not have enough money to fix even one mile of the NWP, let alone the whole line through the Eel River Canyon.
If you haven't seen it, watch the 2009 video
Hard Times on the Railroad to see what the situation was in 2009. It hasn't gotten any better since then.
Even if CWRR did restore the north end of the NWP, then there is the matter of re-activating the south end of NWP from Windsor to Willits. That track isn't in nearly the condition that the Eel River line is in, but it would still be expensive.