Hi Robin,
As you are probably aware the GWR Stars, Castles, and Kings have inside Walschaerts valve gear operating the inside cylinders and their piston valves.
The outside cylinders have their valves driven by cranked rocker arms worked off the valves to the inside cylinders.
The expansion links are very difficult to access, as is most of the internal valve gear without a major strip down of the whole loco. There is a substantial horizontal frame stretcher on the top of the frames which contains the expansion links and the intermediate weighshaft (which is split into 2 sections).
I presume your acquisition has piston valves, which are not easy to set accurately, and in any event there are peculiarities with the gear geometry that require subtle non centralising of the valves to get all the cut off and exhaust positions the same, compromising the admission points somewhat.
Any slack in the inside gear makes setting the outside piston valves difficult to achieve with accuracy.
Checking the valve settings the proper way is very involved on a GWR King, but essentially the same process is used as you would on a simple 2 outside cylinder loco with Walschaerts.
The complications arise because the expansion links are pretty much hidden, even with the boiler, smokebox, and front bogie off, and checking the correct setting of the 2 eccentrics and the correct length of the eccentric rods is similarly inaccessible.
If you say the loco runs on steam, I would give it a decent load on the track and listen.
You ought to have 4 distinct beats from the exhaust, each side of the loco exhausting at the same time, and you ought to be able to notch up the gear on the reverser to at least 25 % cut off with the beats still being loud even and clear.
If the beats are ok and you can notch up the gear then I think I would leave well alone. If however you are getting a 'whoosh whoosh' then there is probably something wrong with the piston valves leaking. (There is a further fullsize proceedure that can be used in miniature to check this further).
The exhaust pipes and passages on the GWR Kings are rather complicated and in miniature I have yet to see a 5"g example that really sparkled as it should, and with the distinctive GWR 'bark'.
Do not start to dismantle the loco unless you are absolutely sure what you are doing, and are absolutely sure you will be able to put it all back together again!
Cheers,
Julian