Greetings, my book (Greenberg 2007) lists the power unit in EXCELLENT condition as being valued at $55.00...........the catch is finding somebody that wants it bad enough to pay that (or any) amount. Transformers can be bought used from anywhere in the range of $2.00 up to $20.00 or so for a 40 watt model 1025. Of course you can spend HUNDREDS on the new stuff that comes with many improvements that you may or not want/need. There is a "lock on" device which clips to the inner and outer rails of any piece of track and tranfers the electric from the transformer. The cost would be very minimal compared to buying new track. The rust on the outside of the track/rails may well be unsightly buy as long as you have good contact on top of the rail then you are going to move the train. Memories are great and I have some fine ones...............from the early to mid 1950's.......I just wish I still had the darn trains. Only you can determine how much you want to spend to make those memories OPERATIONAL.

Good Luck,
Irvin

Pat,
Just love these kind of memories. Have the same from the '50s about our first train led by a 2035 steamer. A real good runner. What the train is worth in $$ is unimportant. It's the sentimental factor, as it sounds in your case. Any transformer would do the job. And finding good cheap track is no problem, along with the power clip to the track. You may need a dab of lube and oil for the engine, however. Check your yellow pages for a nearby model train shop. Am sure they would be glad to help revive those memories.