Thanks everybody for the great responses, pro and con!
Squidbait - I too noticed an increase in cleaning frequency using my brite-boy, even on my timesaver layout (hand-laid code 70 nickel silver). SO I had switched over to a very fine sanding stick...well used and hardly abrasive at all, just really polishes the head of the rail.
I have used masonite pads under rolling stock in the past with good results...just haven't built any for this layout yet, and the old ones I had have been converted to box cars with open doors showing loads inside (ERTL, now LL crates & lumber). I had to pull out the weight strip to mount the pad beneath and replaced the weight with pennies. Cheaper than lead from Aline and impervious to corrosion when sealed.
No, there's gotta be a way to make this ez trak work...and I think I may have found it. I don't have any Wahl clipper oil, but I do have some Singer sewing machine oil I use for lubricating steam engine valve gear.
I put a half a drop on the rails last night and ran a train around to spread it. A BS 4-6-0 and short train of Athearn hoppers with a 'aboose' on the rear (as my 2-1/2 yr old says). This has been a smooth runner as long as track and wheels are clean, but within no time (a few hours even) it becomes balky again, stalling and sputtering in some places.
After a few laps it was immediately evident that this works, well, like magic. A few more laps and I did need to clean the loco wheels, but this was expected. A quick rub on the tender pickups and it was back in business.
Today I have noticed a slight buildup of black crud on the rails, but this seems to in no way hamper performance. I will continue with more testing using solid trains of rolling stock with metal wheelsets vs. plastic. I will also be building a slider pad car (maybe heavy cardstock instead of masonite) and see if that makes a difference.
But for now I am cautiously relieved that the oil has made such a tremendous difference to the positive in how this track performs.
Again, thanks for all the good thoughts and helpful criticisms.