LEDs produce less heat and use less juice, also last longer, caveats, are the bulb shapes are usually different, you have to make sre you get one that fits, also they can be (depending on design) highly directional, for your isntrument lights you generally want a design that spreads the light evenly, you can get LEDs that do this, but many of them don't, so you need to check the specs.
As usual, I agree with Randall and others, try the easy and cheap stuff first and escalate from there.