The sketch above was iterated to reflect corrections and recommendations by John, Dale & Dale, so it is copy ready. The resistor is sized for 14 volts power supply. Properties for the LED are Radio Shack 276-0005, cost $3.19, 28,500 mcd ultra-high brightness, 10 degree viewing angle, 20ma current @ 3.5 volts to 4 volts maximum. Wire is 22 AWG stranded copper which fits neatly into the tower. You can scatter (reflect back) the light beam from the LEDs by covering the nose of each LED with metal foil tape. The foil tape produces a flood light effect.
Discard the brass bulb socket in each reflector, and flatten the three tabs in each reflector that held the bulb sockets. Insert each LED from the backside of the reflector so that the shoulder of the LED sits against the reflector. Secure the LEDs in place using hot glue or other adhesive on the backside of each reflector. Hot glue enables easy removal of the LEDs, but removal is unlikely to be necessary for thousands of hours.
Two more power hungry incandescent bulbs bite the dust! The pictures below show the LED's illuminated with 14 volts AC. Paint the visible wires at the searchlights black. This is an easy, fun and rewarding project.