Check out photos of John Armstrong's layout- it was designed for 3rd rail operation. You can find material on the RR on http://www.trains.com under Canandaigua Southern (you have to register). You can buy back issues of the mags from railpub.com or repros from Kalmbach.
It would seem as if either way I go, if I model traction I will have my work cut out for me.
I found 3rd rail hangers made by Peco and was thinking about trying them out.
The actual 3rd rail would be code 60.