For the past fifteen years I've been using 120V, 250W ENH Halogen Lamps like this one:

Is it possible to replace them with 120V, 5W LED like this one:

Physical dimensions seem to match.
I'm mostly concerned about safety.

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If you need additional information regarding the specific MG500 setup I have (there were at least a couple) and/or why I'm considering the switch let me know. Hopefully the answer to my question (either positive or negative) is independent of specifics.