If the OP is going to modify this loco with a new motor, trucks, and drive train, than whats the point.
I think he just wants to get dad's old loco running, for the sake of it. It was his dad's.
If he's doing this to make an everyday running loco out of it, there are many other options.
I'd say, get dad's loco running, as is, completely restored with original parts, and use it for a seldom used display, or a tourist special, knowing it functions as it once did.
Mike.