Well I am sort of behind the very complete listings above, but I managed to dig out my American Flyer Water Tower from the display shelf where it has sat for 13 years (our last move to Tx was 13 years ago in March and I put up the display shelves when we moved in!!) Based on all the data above mine is a 2020 lighted tower and based on pictures already shown likely a later version from the Gilbert years (lighter red and black crackle top) and mine came to me wired to a (OH NO!) Lionel track connector. Wire is factory secured to the inside of one of the legs and runs up the inside of the leg to a terminal on the bottom of the tank. Wire is copper stranded and rubber insulated which also probably makes it somewhat later in manufacture. It does have the counterweight but the strings are much shorter (obviously a "home" rig). Anyway here are some pictures.
Here is the overall view, spout does seem centered on the script "American Flyer Lines" no junction decal.
Yellow sheet metal ladder on back
Black crackle finish with housing for 2020 beacon light
Water Gauge on side about 90 deg from the front
Close up of the spout rigging, showing the counter weight
estBest Regards, Have a healthy week and keep safe
Don
