Yes, it may be the IC, but being there's no RR name on her, you could add any name you like or, leave it blank or repaint the whole thing (I'd sand it down first)..
Because of the thick black wire and the motor filling the cab, I'm sure it's earlier analog DC. If you are or are planning to go DCC, you'll have to mothball her or add a decoder. With sound, you'll have to add a speaker, too (maybe even change to a can motor)..lot's of work and $$ says it taint worth it...
Unrelated: I never noticed how nice and low the rail code (height in thousands of an inch) this panel track has..Almost looks like code 70 !
Addendum: This post was meant to be under the top, maroon loco pic. How it got here I dunt know..