Glad the bulb checks good. All indications are the breaker is likely tripping and not faulty. More likely, there is an issue with the internal wiring or resistor that the feeds to the red indicator, but lets prove things out methodically.
It would be great if you could come back to us with a measured or calculated current load. Even a cheap meter like this would be a great investment to make for anyone in this hobby:
https://www.harborfreight.com/...amp-meter-96308.html
It can also be calculated if you know what bulbs and how many of each bulb you are using in your street lights.
Since you asked about the breaker part number, I'll provide that information, but I don't immediately suspect it being at fault without further understanding of the current involved (hence asking for that information).
Internally, a ZW will have one of these breakers ZW. To be within Lionel Spec, a 30 amp draw should trip these breakers between 11 and 40 seconds. You can disconnect your street lights (and everything else) and introduce a short to see if you hear it click off within the time limits (and note the red indicator as well). Here are the promised part numbers:
Z22: 
ZW-232:
You can replace with like kind, or use a modern Automotive Bussmann 19115 assembly: 
You should also know that Olsen's kindly hosts the service documents for the ZW transformer including wiring diagrams and disassembly hints:
http://www.olsenstoy.com/searchcd31.htm?itm=671
http://www.olsenstoy.com/searchcd31.htm?itm=672
Further still, regardless of power source, classic or modern, you will want to have appropriately sized circuit protection for each buss/channel you have - this is a discussion in of itself and has been discussed on the forum here many times.
Please, take our advice to help us help you, and ask more questions too!