I got to try the MCM lamp, see
http://www.mcmelectronics.com/product/25-505 or
http://www.newark.com/mcm/25-505/la...ll+Categories&categoryNameResp=All+Categories. It appears to be correct--2chanman said that they are 12 V and 33 mA, the MCM bulbs are specked at 12 V and 35 mA, which should be close enough. It comes on when tuned, ges off when not tuned, and operate the muting circuit properly. It has a smaller diameter than the originals, so I just built up the ends of the wires closest to the bulb with some teflon tape until they had a snug fit. For the record, the bulb in circuit has 11.7 V drop across it when tuned/on, and 0.13 V across it between stations/off. This may vary some from tuner to tuner, but it is close to spec of the bulb.
Before I found the bulbs, I bought a 5 mm Radio Shack 276-0320 white LED that is rated at 20 mA at 3.2 V. I made a circuit using two resistors, one in parallel, called Rp in the attached sketch, the other in series called Rs. I didn't change any resistor on the board, I just soldered these together neatly and covered bare leads with shrink tubing.
The reasoning for two resistors goes like this: The bulb has 35 mA, while the LED should have 20 mA, so the parallel resistor should carry the difference of 15 mA. The bulb has 12 V across it, but the LED should have only 3.2 V, so the series resistor is needed to drop the voltage. There's a way to calculate this if you no the circuit source voltage, but it takes a little time. The closest standard resistor values are Rp=150 ohm, and Rs=220 ohm, as marked on the attached diagram.
As a check, I measured the voltage across the whole circuit, as I had done for the replacement bulb, and got 11.5 V when on, 0.23 V when off. Again, pretty close.
The LED is considerably brighter than the incandescent, so if you replace the tuned bulb with an LED, you'd probably want to replace the stereo bulb, too. I haven't calculated the circuit for this. It is probably the same, but it might be a bit different.
I hope this helps, and I hope that some of the other circuit people check my numbers, I'm not perfect.