Since the T1 is my favorite steam engine,I think that this project is a fascinating idea,all the way around. I probably saw one of these monsters when I was very young. As far as ethics goes,the only thing that would be unethical would be if someone squandered funds and took off to Bora Bora.
Given today's hype,I don't think that it would be a problem for a major railroad to loan a section of track for a speed run. Just think of all of the publicity!
My hope is that I would be around to bear witness to the run----if possible,I would be there.
Rumor has it that the T1 unofficially broke the record in the 40's anyway.
This project should be fun,make it so!
Norm