But if coal itself had an EROI of 20-1 (ranges vary widely), then POX and FT steps would just multiply through. (like oil at 10:1 and refining at 10:1 make gasoline at 5:1)

I think CTL is significantly decent gross EROI but net EROI (after accounting for environmental impacts) is very low, and perhaps below unity.  We need more studies on these things before they scale, in any case.

Yeah, it hit me that this is what you were saying, and you are correct. The EROI from the process itself is probably decent from beginning to end, since that first step is probably pretty good.

RR