Upgrading a 6-28755 Camelback 4-6-0 with a Cruise Commander/Legacy control-am I on the right track?

I recently got a really good deal on this conventional camelback, Ontario & Western 6-28755. I knew this was a conventional locomotive going in, and I would have to do some upgrades to get it to run steady at low speeds like my Rail King Protosound 3.0 equipped locos. It has RailSounds, and mentions a TMCC upgrade on the box. The modern equivalent of this seems to be the ERR R4LC, is that correct? Then, to get that nice low speed, I'll need to add a Cruise Commander into the mix, which is Lionel Legacy control technology under a different name? FINALLY, will I be able to use a conventional AC power supply and still have good speed control fidelity, as with my Protosound 3 locos? Thanks for the help, I'm really trying to figure this stuff out!