Mike G,
I was going to put down paint and Woodland Scenics gravel but thought I'd give the textured spray paint a try. At our small scale it looks fine to me. Just cover the track with painters tape or whatever you have handy so the over spray doesn't get on things. But a foam sanding pad will take it off the tops of the rails if you do.
I had some bad experience with ballast between the rails and don't plan on putting any down. I could have pulled the track up and sprayed the roadbed but just didn't feel the need. My track is held in place by zip-ties so I can still do it if the mood hits.
I'll soon be concentrating on each industry/scene so I need a lot more people and stuff to go around.