I tend to agree with everything justDIY says above, and I'll add that if you find the LED that has the color, brightness, and price you like, but the view angle is too narrow, you can scuff the case with fine grit sandpaper to get a more diffused pattern.
5mm seems to be the case size that offers the most choices right now.
How many of what type would I need to equal the brightness of the 12v incandecent? I hope Im making sense here, anyone who can help me a bit, thank you in advance.
It's tougher to answer that without knowing more about what's there, but for illuminating a gauge, anything over about 5000mcd should be pretty bright. But just to make you aware, the narrower the beam angle, the higher the mcd rating (for equal amounts of light flux). So don't get tricked ny the specs.
Check this out as well:
http://led.linear1.org/how-do-i-convert-between-candelas-and-lumens/It may help you make some sense out of ratings.
And welcome to the boards.