No issues with motive power at Paignton this year with 75014, 5239, 4277 and the S160 all available. If I recall 4555 is also due to return home possibly next year from its hire stint at the ESR. 7827 is now being overhauled at Churston so 3803 will wait at least until that's done, and I'm not sure when the ticket for 75014 expires - maybe that is turned round first prior to work starting on 3803.
Having worked on 3803 many times, including being the first to drive it after its restoration and on several test runs prior to it entering service, and also having spent many years in the past working up and down the line between Paignton and Kingswear, I think the 38 will be an ideal fit for the line. It has ample power available to cope with the heaviest trains, and being a tender loco will also be popular with the general public too.