I took a good look at that track a couple of years ago. From what I saw the track is in reasonable shape. Rail is good to excellent and ties are fair to good. I did an estimate on what percentage would need replacement for operations to begin and don't recall the number but it was nowhere near 98%. Maybe something more on the order of 25% or less with a gradual replacement schedule over the years. Remember that 50% of the ties need to be in place to qualify for FRA class 2 standards permitting 25 mph operation. Class 1 (10mph) is even less.

Also I can't imagine that price tag for a short 20 car siding.

The first thing I noticed was the rock slides. They'll have to be carefully removed and any damaged track repaired. Still that is not that expensive. I just don't see reinstatement of this line to cost millions, let alone 1 million.

The fact that this was once mainline track with 100 lb. rail or greater means that it can stand to have less ties then a lighter rail line might tolerate.

I would consider overseeing putting this line in working order if my other obligations allowed. I find this to be an interesting proposal but certainly one that doesn't need to be gold-plated as so many RR projects are when government money is involved.