Oh man, I thought you meant LED mod as in you wanted to put individual LEDs under each key and make it backlit...
(I would be super keen to see that done but I reckon it's damn near impossible considering I don't think there are any keycaps with translucent legends, and where the keycaps sit is opaque so those would need to be modded too... still, it would be the most awesome Model M in history)
I've actually got an IBM Model M that's had the case vinyl dyed black - I must admit it doesn't look as good as the Unicomp Model M you posted in your OP. It's copped a few scratches and you can kinda tell that it's been dyed (aside - you can buy it from me if you want it but I doubt you're in Australia
))
I started my mechanical keyboard journey with the Model M as well, probably not such a good idea? While they remain, hands down, one of the best keyboards in history (IMO), they have a couple of minor drawbacks:
1) You can never really get anything quite as good. So when you want to try an new keyboard, whatever else you buy will just seem adequate.
2) The build quality of the IBM Model M's is top notch, so either you have to sacrifice your Windows keys and get the 101-key IBM, or sacrifice a little bit of build quality (from what I've read, anyway) and get the Unicomp 104-key Model M. (The advantage of getting the Unicomp is that you can get it in black)
3) Further to 1), I wanted to try out some interesting keycap colour schemes, and it's basically impossible, as the only place you can get alternative keycaps is pretty much here on gh or from Unicomp. Unicomp are expensive, and either way, there's only a very limited range of colours. Starting with a Cherry MX-based board would've made this a lot easier.
To get back to your question...
I haven't done the LED mod, but it shouldn't be terribly difficult. Any LEDs which run on 5V or less should be fine, you'll just have to stick a current limiting resistor in series with each of them and then possibly another one on the switched rail to drop the voltage to whatever voltage your LEDs require.
This guy did it...