LionelFlyer, I think the layout is a great first pass. These always take a few minor revisions to get to the "approved for construction" version.
The reverse loop is needed for all your sidings to work. If you take it out than then all the sidings should be "back in" If the running direction is CCW then the siding on the left is not practical. Wiring a single reverse loop is not hard, my issue would be "where there is one there has to be two", if not you will always be backing trains through the reverse loop to turn them. Two reverse loops is more difficult, both with space needed and wiring. All things considered I would take it out and have more sidings. I never put reverse loops in my temporary Gilbert layouts. My permanent scale layout has four, but each one is long enough to hold the longest train so they are trivial to wire up. Unfortunately those kind of reverse loops require a lot of space.
The pair of turnouts on the lower right will not work. Some engines if running CW will hit the housing of the turnout on the outer loop. I also recommend you try to eliminate the S curves by moving some of the turnouts so they are at the curve, one turnout uses the diverging route, one uses the straight leg. Now is also the time to think about operation and decide where you will put uncouplers and action car clip ons. Also mark where you will want fiber pins.
When I build a layout this complex I always mock it up on the floor so I can test everything and get the exact sizes of partial track sections so nothing hits.
