What's the exact locomotive you're buying. The control is easy, a PS/1 will be DC motors, so the ERR Cruise Commander is the choice. For the sound, we'll have to know what you have to make a recommendation. If it has the DC power supply for the markers and number boards, you can leave that and use those as is.
FWIW, I use LED's for the headlights, they give you a much nicer looking headlight. I use warm white most of the time, for some older generation steamers, I've used yellow. The difference between that and incandescent bulbs is quite significant, the LED's look like real headlights instead of just a dull glow from the headlight lens.