This sounds like the hard way to only partially achieve what can be done more easily and more accurately using 2-rail O-scale equipment. There's plenty of stuff available to build a nice 2-rail layout, using Micro Engineering track, switches built from Right o' Way parts (and there are other suppliers), small engines, KD couplers, Delrin trucks with NMRA wheel sets, and so on. No 3rd rail, no huge couplers, no enormous, weird flangers, no cars sitting too high on their trucks.
In fact, I've done it myself, and it was a lot of fun!
