Michael:
The Climax you show is NOT a Shay. The Climax prototype has a totally different drive train from the Shay and was built by a competitor (Climax Manufacturing Company vs Lima Locomotive Works). It is definitely not usable as a starting point for Mt Tam Shay #8!
Bachmann started in 1:20 scale by producing a 2 truck Shay. It really provided the impetus for accurate-to-scale models of 3’ gauge locomotives running on 45mm gauge track. That Shay was produced in several runs, with improvements in the drive train at each release. The original 2 truck Shays had (simulated) wood cabs and were models of nominally 36 ton locomotives. The latest run was a (simulated ) steel cab and was labeled “38 ton” with the steel cab accounting for the additional weight. The two truck Shays are not currently cataloged by Bachmann, but they are still available, sometimes new, but also on the used market.
Here is one (with the ‘wood’ cab) currently on Ebay:
http://compare.ebay.com/like/150780471698
Since you would be making a completely new cab, it probably does not matter whether you find a wood or steel cab to start with.
Note that Bachmann also makes a 2 truck Shay in 0n30. Make certain you are looking at a 1:20.3 model.
The plastic trucks on the early runs of the Shay were a problem, but new metal trucks are available, easy to replace, and have proven to be very reliable.
I’ll get into my library this weekend.
On edit: Just removing the third truck from the three truck Shay does not get you a two truck Shay. Lots more differences in the boiler, fuel and water bunkers, frame, etc. Not really helpful in making the locomotive you are looking at.
Hope this helps.
Happy RRing,
Jerry