@Don McErlean Many thanks for looking it up in your reference, I was curious about the age of the set. I don't have a lot of boxed sets in my collection - I tend to concentrate on the locos - but I just couldn't pass this one up. It's amazing that the box survived all these years.
The loco in the picture is the one I already had. The loco from the set has a lot of issues. The body has a lot of broken parts, and cracking all over the remainder. I'm afraid it's too far gone to salvage, too many missing pieces. The motor is a mess, lots of problems. I believe I can salvage the motor, although it will be a lot of work. I'm putting it aside for a future project - perhaps I can make a "Dorfan-esque" body to put on the repaired motor. But, that will need to wait until I retire.
A "new" trainset makes for a Merry Christmas indeed!