First, a little bit of math (and some existential talk)... there are three things we can discern from looking at the Phantom Train:

• despite being labeled as a "Ghost Train" in the SNES version, the Phantom Train whose sole purpose is to carry souls to the world of the dead in-game actually has a physical form as characters like Sabin and Cyan are able to walk on, touch and even suplex it, which implies it also has a mass;
• the Phantom Train's wheel configuration is four coupled powered wheels with what looks to be four coupled trailing wheels behind, a wheel configuration known as "0-4-4T" which is only common among steam tank locomotives on the early 20th century; and
• from that, we can assume that the Phantom Train likely has a weight close to the mean average of all other 0-4-4T steam tank locomotives combined, giving it a weight of approximately 50~55 tons, fuel and water included.

So we have an approximate strength rating for Sabin, and now we have to do the same for the Hulkster. The largest opponent that I can find that Hulk was able to lift completely off the ground and over his head was André the Giant at a whopping 240 kg (~520 lbs), and there's also a video of him circa 1987 doing incredible big lifting feats such as bench pressing what looks to be 450 lbs and squatting 600 lbs. Now, the thing about the Kaioken is that it's basically straight power-scaling; for every multiple Hulk Hogan goes up, his strength should proportionately increase. Being what others might consider a "peak human", one can assume that the most someone like Hogan could do with intensive training is a Kaioken ×4, which would only amplify his strength four times over... so under that influence, Hogan is just shy of being a one-tonner. And just for shits and giggles, let's say that Hulk Hogan can achieve the highest level that Goku was able to achieve after training at 100 Gs (Kaioken ×20, seen versus Frieza), that still only means that Hulk Hogan can lift about five tons at most.

I'm not a betting man, but if I was, I would say that Sabin is the clear and definite winner of any and all altercations.