The size of the cap controls the relay dropout...the larger the cap, the longer the relay stays ON when the wheel-axles fail to connect the outer-rail to the isolated-rail-island. 220uF should be more than enough for that application.
The resistor limits the "inrush" or surge of current when the first axle hits the block. Otherwise a large current flows trying to charge up the empty capacitor. This can cause sparking on the wheels/track causing pitting and other such nasties. Values such as 22 ohms or higher ought to be just fine. If you make it too large, then the capacitor doesn't get enough current to charge up and/or there's not enough current to trigger the relay. I'm thinking 150 ohms is getting a bit on the high side but if it works (as it obviously does in your video), then that's fine. For example if you start getting up to 1000 ohms or so I'd definitely say you're pushing your luck!
If those are the only values you have lying around and you're wearing your experimenter's cap, you can double up on capacitance by putting 2 in parallel, halve the resistance by putting 2 in parallel...or double up the resistance by putting 2 in series, halve the capacitance by putting 2 in series.
Just my opinion, but given the cost of resistors and capacitors in this range of values, if you're going thru the effort of wiring up your layout with the DC relay modules I'd put an RC filter in even if you aren't exhibiting relay chatter. As I understand it, this is a club layout - you never know when some guy will bring in his engines/cars with dirty wheels and complain about the flickering signal lights! 
