Thanks everyone for your help! That really reassures me. It sounds like I can get a good deal out of this (I'm buying a motor from a friend), so I will pursue it. I have been getting better at soldering lately and that will help.
I am planning on painting this in the blue/white scheme, so it doesn't need to be anything too fancy. It will be Rock Island 3006, one of the GP40s that in real life was sitting in the Silvis shop in March 1980, still being rebuilt, when the railroad shut down. It was never really finished, but it will be on my pike.