can't state this with any real authority other than I own close to 35 K-Line O27 low profile switches. They use the lighted controller with a big BUT..... The controllers are left/right sensitive. One has to use the controller marked "L" with a left handed switch and "R" for right handed.
If memory serves me correctly (not having a layout up at this time I can't try it) but I believe the controller gets information fed back to it from the switch so that the controller 'knows' if the switch is set to divergent or straight thru.
I say this because, again if memory serves me correctly, if I manually change the switch path the light on the controller changes too.
That's why I do NOT think they will work for you with Lionel switches.
I'm hoping that someone can confirm what I wrote, or disprove it.