Great review BBS. I know some change out the pups to something more old school, to be honest I quite like the extra bite and have no intention of doing a swap out. My Lionel is alder with a rosewood fb so there might be some slight tonal differences. Do change the Sandberg strings I found them harsh on mine and got rid quickly, it’s wearing EB hybrid slinkies Shortscale no (50-105) which seem to suit it. The bridge isn’t too tough, and one positive certainly with mine is once I’d set the action nothing has moved in 6 months.
If you can afford to keep the Ray and it’s a good one, I would, it’s always good to have a different tone I tend to alternate gigs with my 2.