Well, I'd change the battery and make sure it's charged before trying to start the engine up. Typically, if you buy a new NiMh 9V battery, they come charged, but I'd leave it 15-20 minutes on the track to make sure.
The CW-80 uniquely not suitable for running PS/1, I suggest you do NOT use that specific transformer. It also, by no surprise, doesn't appear in the MTH Recommended Transformer List!
The CW-80 is most decidedly NOT a "pure sine wave" transformer, see below.