Getting the Lionel version is probably not going to happen, those are selling in the stratosphere! Running conventionally is probably possible, but that limits you to that locomotive only on the loop. In addition, you'd have to use a Powermaster on every loop you plan on running it.
I don't know if the charging lights on those are controlled with a separate circuit or through the DCS electronics directly. If there's a second board that does the charge light processing, the other stuff can be accomplished without breaking the bank. It could certainly be cheaper than trying to buy the Lionel version until they get back to reasonable levels!