Just went through the strobe issue with my flat wing Mooney 201J (1980).
I had Hoskins power supplies in each wing near the wing tip installed at the factory. If the power supplies are bad, Whelen STC (with a FAA 337) is required. The power supplies are approx $250 (aircraft spruce) each and are a little larger than the Hoskins. Installing the Whelen power supplies on the larger inspection panel adjacent to the small one the Hoskins fit on top seems to be the smarter solution. The LEDs Navs (with strobes) run approximately 300 each and require field approval for M20Js and newer. Older models have STC. I called my FSDO and pre-negotiated the 337 language and performed the install of the lights according to the Whelen Anti-collision light guide. If you retain the Hoskins lights with the Whelen Power supplies, you will have to switch the black and white wires coming out of the power supply. Read all applicable parts of the Whelen install manual.
Plan on 8 hours labor for the entire job and call the FSDO for their approval process prior to starting the work.
Its nice, I leave the LEDs on all the time - visible in daylight too.