The group have released a proposal called Stacks Up - with artists' impressions of a design by architect Geoff Borst, including a structure to support the stack, with the lower part encased in a strengthening "wrap".

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His design includes a viewing platform serviced by a lift that would provide views of the Illawarra coastline, industry and migrating whales.

Mr Borst, structural engineer Emil Toussis, business manager Jackie Zelinsky, mechanical engineer Dean Parker and co-ordinator Wal Pritchard believe they have a proposal that could provide views rivalling the Eiffel Tower.

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They suggest the stack could not only provide the best total view of the Illawarra and its historical landmarks but have the potential to be a totem that tells the region's story.

The proposal would also incorporate a museum. The stack could also be linked to other attractions such as Bald Hill, Southern Gateway, Mt Keira and the Illawarra Fly.

The group was formed after a story in the Mercury about plans to demolish the 50-year-old, 200m-tall stack.

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Mr Pritchard was also persuaded by a Mercury poll.

"Half the people said they would like it to stay up," he said. "I thought if half the people like it in that state, what if something could be done?"

The not-for-profit organisation has set itself the task of attracting commercial investors prepared to cover the cost of restoring and developing the site in a way that would pay for itself within five years.

Mr Pritchard and Mr Borst, of Borst & Conacher Architects, considered the merits of a design competition.

They believed more people would support saving the stack if there was a viable alternative to knocking it down.

Mr Toussis said the structure would need to be thoroughly tested.

The group also asked Port Kembla Copper, which indicated it would be prepared to look at the final proposal.

Mr Pritchard said the cost of the restoration was being examined by an Illawarra company with expertise in saving concrete structures.