Changing iron's pilot lamp connection, will it still work?
The modification will work but the sense of the indication changes entirely:


In original schematic, the lamp would turn on when the switch was off (open), and would turn off when the switch was on (closed).
In the modified version, the lamp will turn on when the switch is on, and off when the switch is off. 


The voltage across the lamp when it is lit would be the same in either case, so the lamp should last as long as in the earlier mode.