That is an interesting conversion Dirk. Very nicely done.
I believe that on those trucks the gears also protrude slightly through the bottom cover. So the raised lettering protruded even more (low enough to touch the rail?! Wow! How did you figure out that the lettering was causing the short?
Also, 470k (lower case k) or 47000 ohm resistor would likely result in the LED barely glowing. You probably meant 4.7k