I agree with the first sentence, yet....there are always refinements that can be applied. Roller bearings throughout, roller bearing on the big ends & con rods (like on some German Neubauloks), electric lighting, oil/pulverised coal firing, better, cleaner methods of dispaosal (big vacuum cleaners!), maybe a re-visitation of condensing engines, compounding, the list is endless. None would be silver bullets that suddenly made steam on a par with modern diesel & electrics, but a whole load could be done that was not really tried.
As for Bulleid, and for that matter, Brunel, both were gifted geniuses, possibly a little too wayward and off the wall at times, but as I said before, you don't make progress by sticking with what you know.
And anyway, electric railways are essentially steam powered with electric transmission, in the sense that most power up unitl the last decade or so has been generated by steam turbines. (Granted, some countries like Switzerland have probably always generated more by hydro-electric than by steam).
cheers N