If you do need to replace the optoisolator, the original does have a neon bulb as PRR said. The Fender ones like the VTL5C3 have an LED. The circuit would need some modifications.
To add to the previous post, if you look at the schematic below for the G15 Gemini II that uses the TM-1, the circuit is very similar to the GU-12 and it looks like it would work. I would verify with fliptops that the TM-1 would work in your amp just to be sure. If you want to keep the circuit as original as possible, the TM-1 looks like it would be the best way to go.
(http://img716.imageshack.us/img716/9854/g15geminiii.gif) (http://imageshack.us/photo/my-images/716/g15geminiii.gif/)