That's what I am thinking is that it just needs the reset. Hopefully.
I don't think I can do the reset for a couple reasons.
1. I have the remote and not a hand operated lever.
2. I don't think my transformer is compatible, as you state also above.
So a trip to my hobby shop will probably be best. They are over an hour drive away so I am trying what I can first. I think I may have an old Lionel 1033 laying around somewhere. I used to have one but haven't seen it in a few years. I'll have to check the attic.
Having a remote is a hint that it's a new power supply. What kind of remote/transformer combination are you using?
It is just a Z750 with the little basic hand held remote from an MTH RTR set with PS2.