Ed Kelly: Since you are using the Soundtraxx TSU-4400 you should be able to use 1000 Ohm resistors with the LEDs. The FX3 function outputs for lighting effects will put out 12 volts. As for LEDs, probably either 3mm or 5mm diameter, white or golden-white in color for the headlight/backup light. If the model has class lights probably go with the same colors.
Personally, I'd go with the larger diameter LEDs it they fit.