OUCH! $4.25 for that from Marco???
$1.50 for the identical part here: http://www.pinballlife.com/index.php?p=product&id=296
077-5100-00.jpg
Yes that is the correct size base, however the tab is too short. It can be made to work if you bought a tiny L bracket to bolt it to first then screw to the wood, or fashioned something out of some strip of metal. The original ones were "L" shaped where it bent out to the left so it sits above the playfield a bit so the bulb is fully inside the red domes.
This is the type of socket you really want: http://bayareaamusements.com/Merchant2/merchant.mvc?Screen=PROD&Product_Code=LB-077-5103-00
LB-077-5103-00.jpg
Given they are out of stock on that one, I'd suggest picking these up instead. The metal should survive a one time re-bending to align it the correct way with the tab down instead of up. Only $1.50 each for these too and in stock:
http://bayareaamusements.com/Merchant2/merchant.mvc?Screen=PROD&Product_Code=LB-077-5101-00
LB-077-5101-00.jpg
Also, when you install these, be sure to use some heatshrink tubing around the ENTIRE metal socket, and around both wires/tabs after soldering. Consider too using a piece of black electrical tape around the protruding base of the lamp that shows above the socket. That way if a ball hits too hard and bends back your stationary targets, it cannot short out your flasher (solenoid) drivers to your switch matrix -- the whole reason they removed them in the first place. Finally, remember to reattach the warming resistors underneath the playfield to those lamps. They will either have been removed or the wires cross-soldered to take them out of circuit.