I have used another well-used second hand LGB 5091 Vr0/Vr1 distant signal to make model of a pre-war Austrian Verschubsignale (shunting signal). See here to see how they operated.
1918 bis 1938: Zwischenkriegszeit
(scroll down to Verschubsignale)
As you can see they "flip" like the Vr0/Vr1 signal.
I started off by dismantling the LGB signal (see previous posts for how this is done). I removed one of the lights and static spectacle, and replaced the green and amber lenses on the moving spectacle with blue and clear. The lenses just pop out, and the replacements are made from plastic food packaging, cut to size. It's quite hard to cut a circle, but if you cut a square of the right size, then cut the corners of to make an octagon, then cut the corners off that to make a 16-sides regular polygon (hexadecagon?) then you're almost there.
The signal is made from strips of plasticard, painted Humbrol blue. The distant signal plate can't be easily removed as it holds the controlling wires in place, so I made a speed limit sign to fit from paper printed using Bahnschrift font. As this is indoors no need to worry about it being waterproof (I hope!). Some weathering powder applied liberally, and some brown paint to make the control wires a bit "rusty" and job done.
An actual one from Steyrtal Museumsbahn is shown for comparison. I haven't attempted a scale model, this is more of a working recognisable representation.

(From
Steyrtalbahn )