Hi, ncng.
MTH has released an upgraded version of the Train Master as part of its Premier Line. This model far surpasses the "traditional" Lionel and Williams O gauge plastic TM models in terms of detail and prototypical accuracy. I should mention Lionel released a very nice model with upgraded details painted in F-M's demonstrator scheme as part of its Century Club offerings at one time. There have been subsequent offerings decorated for other roads - DL&W and Wabash come to mind - using this tooling but they appear to be few and far between.
With its new model, MTH has shown great care to include features correct for specific roadnames and offers scale wheeled versions suitable for two rail operation, at least in certain roads if demand warrants. I believe this would be your best option for an accurate two rail non-brass model although you'll have to wait for the SP version from MTH. K-Line as well released something of an upgraded Train Master a number of years ago although it is not as well detailed as MTH's current model.
I hope this information has been of some help to you. I have a few photos of my MTH Central Railroad of New Jersey TM which I will post later. They should give you a good idea of how nicely detailed the new model is.
Bob
