Replace that licensed floyd man!
I replaced an LFR bridge on a guitar. Put a Schaller in it and replaced the block with a KCG 5/8' brass block. The difference was night and day, but it is not cheap if the bridge does not retrofit to the rout. In my case, the new bridge fit and I was lucky that the holes in the body where the right size to mount the new studs and sleeves.
Based on my experience, I would NEVER recommend buying a project guitar that has a FR Style locking trem system. It is simply too potentially expensive.
Dave, if you are in the US, Stew Mac has great prices on Schaller bridges. You will have to check the fretboard radius and see how it compares to the bridge radius. I had to use saddle shims do dial in my action for my schaller bridge. The guitar has a 16" radius and I believe the Schaller was 10".
I also recently replaced the Flat Plate style bridge on my RG7421 with a Hipshot FP style bridge designed to retrofit to this guitar. With a hard tail I was not expecting as dramatic of a tonal change as what I got with the other guitar. Truthfully, I was expecting a minor change but it was also fairly dramatic. Comparable to replacing pickups, IMO. I suspect that any part that directly influences the vibration pattern of strings is massively important in sustain and timbre.