Do You mean the Lionel CW 80 ?
When I got back into the hobby a few years ago I got a CW-80. but as I started to build my layout I realized that it was not enough for my needs. I picked up a Post War ZW 275 watts last year for a fair price and am very happy
with it. The older transformers do not have a bell button, but there
might be an add on out there in the market. I now use the CW-80 for testing stuff but not as a part of my layout control.
There have been lots of discussion about the CW-80, some fellows have had not very favorable review of the CW-80. For a small layout, like an oval of track, with limited accessories it might be OK. But if you plan to expand in the future you might look for an older post war transformer. There are lots to be had out there, for a fair price and they have worked well for a long time. See if you can find a Post War 1033, its 90 watts and has a whistle control, but no bell. A post war TW is 175 watts.
Check out this web site http://www.postwarlionel.com/
Look at the Track + Transformers link