To add further to Colin and Ashley's post, a restoration of this vessel would need more than a lottery win. Two other paddlers, Medway Queen and Maid of the Loch are still not ready despite investment. The Medway Queen had a new hull but still needs massive investment.
The currently in-service Waverley had a paddle wheel and shaft problem back in 2008. I read an article about the repairs needed – they needed specialist machining facilities to one of the paddle wheels and after a series of phone calls it looked like they were going to have to loose a lot of sailing time to send the wheel to Poland for machining. It would require six weeks to complete the paperwork first. Luckily a company in Manchester was located, who make tunnel boring machines and they were able to carry out the work.
To undertake a project such as this, it has been mentioned many times about the skills not being there, but lets not forget this is a heavily de-industrialised country and would probably involve parts being made abroad e.g. the famous steam locomotive Tornado had the boiler made in Germany.
Waverley paddle wheel repair can be seen in the link –
**LINK**