Are you actually using the outside rail to conduct the accessory power, or is it a buss wire that feeds the outer rail at multiple points? I would recommend the later.
You can use the LW tied to common if you phase it properly.
If it is just accessories that aren't tied to the track, phasing isn't too important, but by phasing you minimize the amount of voltage difference you will have between any two points on your layout should you accidentally bridge the points with a dropped tool or wire (or your moist body during summer.)
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