What you have done makes sense to me. It's great to have easy access and servicing (bulb change) to something which needs replacing on a regular basis.
LED lights "should" not need replacing all that often. Lopo claim their lights to have MTBF figure of 50,000 hours.
As regards failure mode, I don't believe my Lopo bow light failed due to water ingress. It is completely encapsulated/potted in a clear epoxy-like material, and I do not see any signs of water ingress. Furthermore, my masthead tricolor does not work either (I knew about that beforehand), and I understand it is a similar vintage and construction Lopo light. For me the evidence points to a latent defect in the design/manufacture of those lights in the 2006-2011 period. On the internet there are many problem reports about Lopo lights from that era of production which also point to defective product batches. These seem to have dwindled significantly in recent years, indicating that the problem has been addressed by Lopo (although of course they will never admit to there being a LD in the first place :-)
So, your question is interesting. Does one choose the improved replace-ability of the conventional style over the (supposedly) improved reliability of sealed LED? Or is it a bet each way!
SY STELLA, Amel 54 #154