No - not close, actually. MTH has made a Premier (1:48) version (as well as a smaller RK version, I think).
Strangely, the Williams Rectifier is 1:48 or close to it, though the trucks are incorrect and I seem to recall the handrails being the thick, stamped variety (some stamped handrails look better than others, however).
I'd go for the Premier MTH for the best model, and, probably, the Williams for the best price - but shop around.