The website is quite comprehensive and a few few minutes reeading thro the various topics would help answer in detail many of the concerns being raised.
The entire engineering effort is being done to a set of requirements established in conjunction with the CAA and using properly accredited engineering resources....in order to gain CAA approval once complete. It is not being done on a whim and a hope....
The proposed flight crew is comprised of ex-Vulcan Display Flight crew, who were the last to fly a Vulcan as well as other ex-Vulcan crew members. In order to refresh their memories and practice cockpit drills they have a separate Vulcan cockpit section to use as a proceedures trainer whilst 558's is u/s.
The nature of the Vulcan made it essential that the CAA and insurance world were amongst the first to be approached in the project. Either couldhave made it clear that not matter what was done there would be a shopstopping issue with them. That this has not occured measn that there is a real hope (cash flow allowing) that 558 will fly again.