Interesting. I fixed an older vintage (but I believe probably similar to yours in the circuit department) Marathon model of the oil derrick a while back by replacing the 555 timer IC (the little 8 legged IC chip labeled U1 on the board). While not microelectronic surgery, it's a little more involved than replacing the whole board though, since you need to be able to de-solder the original part and solder in a replacement 
. (without killing the new part in the process.... and that's assuming it is that chip that's bad... there is a chance it could be something else)
Your new board looks like very similar circuit elements, though obviously re-designed, at least from the component layout aspect of the design. Looks like very similar caps, same number of diodes and resistors (roughly, can't see everything from the photo angles) Without a board in front of me, I suspect that U2 semiconductor is a regulator to power the timer chip. and it looks like on the new board that timer chip might be hiding underneath the relocated and now bent over regulator on the new board.
Most plug and play accessories did away with the old Fahnstock clips or binding posts to hook up bare wires to, so the existence of that feature on the new board would make me think it's not the plug n play version. Those white sockets on the underside sure do look like it though.
Sorry this is not a slam dunk "do this to fix your problem" answer, but hopefully it helps shed some light on what you actually have.
-Dave
