No, it's a flourescent bulb, not a multi colored LED. The transformer is in the control box. You might be able to re-wire the light circuit, and move a few jumpers on the control box to enable low voltage light circuit operation, but I'm not sure of the correct jumpers to move- you'd be on yourown there.
If you look closely at the light wires connected to the control box, you'll see other options- low voltage for Hot Spring models, and high voltage for TR. With a meter- you could experiment a little. You'd need a new harness, but you could find one easlily, and a mounting solution would be up to you.
I don't think it's abig deal- you can get nice blue flourescent lights for the TR.
Anyway, here's a
linkto the type of bulb you need.