I was in a similar boat and decided replace my light last weekend. My old fixture was in pretty rough condition, so I decided to get a new fixture (Pentair Incandescent light model # 78448100). I was able to get it at my local pool store for $230, and then I replaced the bulb with a PAL Sonar Retro bulb (model # 64-PAL-SRL-RGB-120). $240, also sold at my local pool store. The bulb itself was more money than I had planned on spending, but it comes with a remote to change the colors/brightness and works really well so far. It also supposedly has a 3 year warranty, which I hopefully won't have to use, but I have read reviews about some LED retrofit bulbs not lasting very long, so the warranty made me feel good about it.
Overall, the process of changing out the fixture wasn't too bad. Just pulled out the old fixture, cut the wire, stripped the wires back a bit and tied them to the new wires, wrapped it in some electrical tape and duct tape, and then pushed the wire through from the pool while someone was pulling from the other end.
In total, it cost me about $500, and now I have a new fixture, LED color changing bulb, and the confidence that it will last a while because it is all brand new. It was more money than I was hoping, but still less than buying a new LED Pentair or Hayward fixture and I'm pretty happy with it.