Just got done adding a working LED head light to my son's Rivarossi 0-4-0 . Found a different head light and drilled it out and glued in a LED with included resister from a Ebay seller, he makes them for HO scale slot cars. Have not run this in a while ,I had forgot how good it runs for a older design. I have added pick ups on the tender and details , but motor/drive is stock.
You might have just inspired me to perform the same surgery on an old Model Power/Lima 0-4-0 I have since the 1970s. Yours has a nice look to it.