The lamp is an 8v 50mA lamp, run off of a very much more than 8v AC circuit and uses a highly specific resistance value and wattage resistor to allow it to "sip from the firehose".
A different lamp current will upset that balance and could end up burning out the replacement lamp (or LED).
Thus we (baaahhh me, I will ) will have to carefully reverse engineer the resistance value for the lamp you do use.
MOST replacement lamps are more like 35 or 30 mA.
620 ohms 2 watts 0.050 Amps .... so : ohms law says:
620 x 0.050 = 31 volts dropped by resistor,, 31v x 0.050 = 1.55 watts of power
thus 0.035A or 35mA
31v / 0.035 = 885 ohms 31 * 0.035 = 1.085 watts
a LED would be 10 or 20mA (or less if it is too bright) and 3 volts
31 + 8v - 3v = 36v / 0.010 = 3600 ohms 36v x 0.010 = 0.36 watts
Thus you see, it's not a simple question, nor a simple answer