CACHOW,
If you are talking about the old 022 Lionel Switches, when I used my 711/072 switches, which take the exact same bulbs, I purchased mine from Town & Country Hobbies and Train Electric LLC, they have both the Bayonet and the Screw in type replacement LED's, and yes you can simply replace the old bulbs with them. Remember to replace the track side Switch Bulb also.
PCRR/Dave