In full-size, some of the smaller stationary steam-engines were made sort of halfway house, with a slip eccentric the customer could set for the rotation of what the engine was to drive. Once set, it was locked, generally by the driving-pin being a stout stud carring a large nut. It was simple and convenient, both technically and commercially.
LBSC designed slip eccentric gear for some of his smallest 2-1/2″, even 3-1/2″, gauge locomotives but that is not really satisfactory for a passenger hauler, especially on a there-and-back line. It is more work to make properly reversing valve-gear, but not hugely so in proportion to the entire project.
I am not sure why slip eccentrics per se on small engines should be weak as Dave accuses, if designed properly for the particular engine, but they are not ideal. Even a lot of the 16mm-scale model locomotives have reversing valve-gear, a sort of stripped-down version of Walschaert’s*, and it works well plus being reasonably prototypical to the narrow-gauge practice that seems the majority for such models.
Returning to the model that inspired this thread, if the boiler is sound and the mechanical parts in serviceable condition, it would not seem too difficult to restore.
….
* “stripped-down…” By omitting the combination lever, so the return-crank emulates a simple eccentric by giving the entire valve travel. The expansion-link etc. gives the direction only, as I think these small models normally use only full forward and back, and mid, gear settings.