Based on all this fact finding, I have now drawn a better diagram and arranged the circuit so that it can be extended to multiple coaches in a modular fashion.

The light strip and DC-DC regulator can be built as 'modules' with connectors at each end, allowing them to be connected to adjacent coaches.
A single pickup shoe, with its own single diode, can supply power to multiple coaches, by connecting to any of the light strip modules.
Optionally, flicker preventer modules can be connected within each coach, or just one with a hefty capacitor anywhere in the set of illuminated coaches.
Components:D1 1N4001
D2 1N4001
R1 TBD but my initial feeling is 240 Ohm
C1 470uF (or the largest one that can be hidden away)
LED strip - 12 V strips cut to length as needed
Mini DC-DC regulator using PWM MP2307 chip. I am setting mine to 8V output.
Connectors: not yet decided but perhaps JST style so that polarity can be maintained
Limitations:Digital track power only - a reverse impulse of an analog system may destroy the DC-DC regulator
Only one pickup per string if you have multiple power districts with boosters
AdvantagesVery low current consumption
Very little power wastage
Brightness can be adjusted on the PWM regulator
Inrush prevention
Each coach can be connected to the ground line ensuring that wheel contact loss will not result in a break in the circuit.
No batteries.
If desired, remote switching can be added by adding a relay at D1
Plugs allow coaches to be attached or detached with minimal effort.
Coaches can be connected in any direction
UnknownsWill the PWM nature of the regulator output produce any visible flicker at 340 MHz when the coach is in motion?
The optimal size of R1 TBD
Critical review invited!