It should not be too difficult to replace the entire rod assembly including the valve rod eccentric rod and eccentric crank. THe crankpin in the drive wheel holds the eccentric crank to the wheel at the top there should be another screw freeing the valve rod and crank in one piece. two screws and 10 minutes you should be done. I am basing this on other Lionel locomotives including the Southern Crescent 8702, 736 and 1656
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