I called West Coast Railway about this as my partner and I are intending to do that train as part of an ALR week (paying for this seperately of course). I wanted to know what can be done in terms of refunds, etc. Nothing basically was the answer. Well, not through them anyway. Making a claim through Serco was the advice.
I noticed that Delay Repay offers 50% refund on delays of more than 30 mins. How would this work with an ALR, and are Serco likely to cough up for missing the WCR service?
I wouldn't have thought so, because you wouldn't have a through ticket. Serco are not selling you a ticket through to Mallaig.
When I use the FW sleeper I am usually travelling on through to Mallaig. I wouldn't risk booking on the steam train because of the likelihood of the sleeper being delayed. In the past, I've travelled up on the steam train using "standing" tickets which they often will sell at the last minute.
The connections to mallaig are a bit rubbish - the steam train is too tight to guarantee a connection and the next scotrail service involves quite a long wait (I have been known to fill this with a cheap breakfast in the Morrissons cafe across from the station).
Then when you get to Mallaig there seems to be no attempt to co-ordinate trains and ferry times. This seems to change every year but last time I did the trip I seem to remember there was something like 5 minutes between train arrival and ferry departure - if it were only held for another ten minutes the connection would be feasible.
All of this combined means that while in theory you ought to be able to be on the isle of skye within 2 or 3 hours of the sleeper getting into FW, in reality it takes up the best part of a day.