Yes and no. You have the original PS-2 5V which has a certain level of repairs on accessible components, but because it is one piece and older there are unreachable parts and obsolete parts.
What does the speaker look like? Is the speaker showing signs of flaking and powder like substance on the magnet? If so a speaker may fix your sound up. Also have you replace the battery with a new one, the original white style is past useful life now and a bad battery can cause sound issues.
Yes there are FETs on the bottom of the board that control the headlight. It can be replaced. You need to trace the wiring to see if the firebox and headlight are powered from the same wires.
Is the large PS-2 5V board in the engine?
Some tech don't do component level repairs, others do. The PS-2 3V is much more user friendly for component level repairs as it is 2 piece. Once you get to the PS-3 you go back to less friendly because everything is extremely small SMD and no documentation. G