Yes. While it isn't as bright as a incandescent, it will run
much longer on a single cranking charge. Are you sure it
is a filament bulb and not a LED?

My FR200G has a set of 2/3AA NiMH that are charged
by the hand crank. It will also take 3?AA cells. and accept
+4.5V into an external power port.

The little LED is clear and looks like a "grain of wheat" tiny
bulb. I will check tonight and post if there is any clear give
away that it is an LED.

If yours is a filament bulb, you can't just replace it with an LED.
At the least it will need a seris resistor. Too bad the FR200 doesn't
come with a diagram.

Terry