It should be fine to use this on a modern layout. Just set to it with some paints for that extra derelict feel and maybe chip the edges a bit.
Here are some images, kindly provided by Bachmann from a site visit, that show the tower in it's modern condition.
Note here the missing stair treads, shrub growing up by the jigger feeders, ivy up the legs, the derelict control cabins and chipped concrete edges.
Here also the lifting cradle, covered in lichen and track now permanently ballasted in.
On a modern layout, it makes a good storage area for your steam day special and appropriate coaches.