Dear "Martrain"
Welcome back to model railroading!! I think RailPro is an excellent choice.
Will Rail Pro allow me to
1) run two trains on the same track in different directions and
Yes, In fact many more trains on the same track in multiple direction all independent of each other. Just like DCC, but without many of the headaches.
2) use passing tracks to avoid the eventual head on collision and
Yes, but if you are asking about automating the use of the passing track so you don't have to monitor the trains on the line, then you'll need to look for some additional tools to detect the traffic and that is not part of RailPro.
3) using the reverse loop, change direction and have one train now follow the train it just passed.
The AR-1 will control the polarity of the loop for you.
What about electrical blocks? How often? How many? I remember wiring for DC but have very limited guidance for wiring Rail Pro.
My model railroad is 380+ feet of track. It's currently all one block as far as power distribution is concerned. I have plans to split it into 2 sections, but that has not been necessary for me. The main 2 reasons to split the railroad into blocks (power districts) is: 1, to shield other trains from shorts and operator errors on other parts of a large railroad, and 2, power distribution to allow more trains to run on a railroad than 1 power supply can handle. The PWR-56 is good for 10 to 15 locomotives in motion at one time, so unless you're running rally large consists, you're probably ok with 1 power supply. for the layout you describe.
One important thing to remember is to not rely on track joiners for power transmission. Regardless of the number of blocks, you'll want to supply power to every piece of track. If you're considering soldering track together, I suggest only soldering flex track on curves to keep the curves smooth. Everything else should be free to expand and contract.
I plan on using PECO insulfrog turnouts and AR1's for the reverse loops.
I use PECO insulfrogs too. I love PECO turnouts, but be sure to read the instructions about using insulators on the tail end of the turnouts.
Also have started reading www.lkorailroad.com.
That's a great resource!
If you're not familiar with Model Railroad Hobbyist, its forums and free eMag are a great resource too.