Bachmann sells conversion kits and reverse boards for what you are looking to do. I would contact them they might even be able to do it for you. They are right done the street from my HQ and been there plenty times. They are real nice and help full with parts for williams stuff.
You can probably get the replacement parts as well as power upgrades from the Williams/Bachmann website.
Converting to 2rail would probably require non-Williams trucks & motors. Maybe 3 axle Atlas power trucks could be used but I wouldn't want to stake my life on it.
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