Hi,
I've done a lot of bulb>led modifications to studio equipment. I do it for 3 reasons-
1. Financial cost- in the UK some of these bulbs are getting harder to find as replacements, and the cost of them is escalating with scarcity.
2. Heat- some of the gear I've modified is over 50 years old now, and heat has detrimental effects not just to the obvious items- electrolytic capacitors etc, but also to some of the plastics, glue and resins used in switches, pots, meter housings etc. LEDs run off a current source (with the source PCB mounted remotely) dissipate virtually no heat. Compare this to the heat from bulbs- especially in the older console channel strips, and LEDs will definitely increase the lifespan!
3. Current consumption- as the equipment ages, it's good to take some of the stress off the auxiliary control/indicator PSU rails. The LED mods can reduce your lamp rail supplies by a factor of 10, again with heat stress reduction. If you are building a new PSU too, it means the demands are less.
Regarding the post above about LED light quality- yes I agree, LED's have a more clinical colouring to them, but if you get a good slelction of viewing angles and wavelengths and experiment with where you place them in relation to the original lens, you can usually get a good match. You can also colour them with varnish/lacquer. I also sometimes add a small square of semi-transparent art paper to help diffuse the light better. This can be a paper/plastic film you can get from printers supply shops. You can also print/letraset on it if you are doing custom idents etc.
If you keep all the blown bulbs, you can crunch out the glass bulbs (carefully) and solder your LED plus resistor to the stumps of the connectors, then fill with hot-melt glue to help insulation and mechanical strength. Much cheaper than the ready-made LED lamp replacements.
For current source, you have a few options- a voltage regulator in series with a resistor is about as simple as you can get, but I like to use a FET-with-resistor, much easier to mount in confined places! For a big chain, I'll use the classic transistor (NPN or PNP depending on rail) with diode-bias on the base to set the emitter current. As long as you have enough volts to run a chain, know your power rating, and can rewire switches to be shorting, you're good to go!
...and it saves the penguins....
Mark