The biggest problem you would run into, if you decided to replace the wheels and axles, is to find someone who has a wheel press to install them. The number of Lionel Service shops has dwindled drastically over the past 15 years, and not all shops had wheel presses either. It is an expensive tool to have and the call to replace wheels isn't in high enough demand to warrant having the press.
In addition, the shop should have the correct wheel cups. Postwar Lionel never offered cups for the turbines. Hobby Horse does, but the cups are specific to one or two variations of the turbine wheel, and there are several. The service station outfit that Hobby Horse put together for Lionel did include a pair of turbine cups, which I assume fit the 8404 turbine. I don't know which of the postwar turbines it will fit.
TTRP (now Hennings) developed a universal turbine cup set. I have it, and so far, they've been fine for me, but I haven't tried to use them with evey different turbine wheel out there.