A broadly based study of the fusion engineering and plasma science conditions of a Component Test Facility (CTF), using the Spherical Torus or Spherical Tokamak (ST) configuration, have been carried out. The chamber systems testing conditions in a CTF are characterized by high fusion neutron fluxes n > 4.4 × 1013 n/s/cm2, over size scales > 105 cm2 and depth scales > 50 cm, delivering > 3 accumulated displacement per atom (dpa) per year. The desired chamber conditions can be provided by a CTF with R0 = 1.2 m, A = 1.5, elongation ~ 3, Ip ~ 9 MA, BT ~ 2.5 T, producing a driven fusion burn using 36 MW of combined neutral beam and RF power. Relatively robust ST plasma conditions are adequate, which have been shown achievable without active feedback manipulation of the MHD modes. The ST CTF will test the single-turn, copper alloy center leg for the toroidal field coil without an induction solenoid and neutron shielding, and require physics data on solenoid-free plasma current initiation, ramp-up, and sustainment to multiple MA level. A new systems code that combines the key required plasma and engineering science conditions of CTF has been prepared and utilized as part of this study. The results show high potential for a family of lower-cost CTF devices to suit a variety of fusion engineering science test missions.