Can old ceiling fan with red, black, green wires be replaced with one that has light?
You might even be able to add a light to the existing fan; many are/were wired for lights and it's just a matter of using a threaded nipple to attach the fixture and connecting it to the wires provided for the purpose.  

If you do need to replace the fan, you should probably replace that controller with a simple switch. You would then use the fan's pull chain to set its speed and a pull chain on the light to turn it on and off, or wire in a modern remote control box. 

Very doable; I got fans without lights and added fixtures to suit. One I left on the existing wiring and I do use the chains to control its modes. For the other it was easy for me to pull new wire, so I set it up with a 2-switch unit, one for light and one for fan, though the chains also exist for fan speed control and so I can kill the light from bed. ;-)