Progress! The seams got all spackled & sanded so it was time for the paint. I went to the local Ace Hardware & bought one quart of the following;

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The color is not completely black, nor is it too light of gray IMO. It is on the warmer side, which should help make the "asphalt" look a little more organic & realistic.
I applied it w/a 3" foam brush. Buy extras because they crap out pretty fast. I did about a 2' section at a time. What I did was to first paint the borders, and then, when most of the paint was off of the brush, I "scrubbed" the paint into the track using long strokes that followed the curves of the layout. I never directly applying a wet brush full of paint directly onto the track because I didn't want to have to spend a lot of time cleaning out the slot. I'd get a 2' section done, and then move right to the next while the paint was still wet, to get a seamless look to the track.
I worked my way around the entire layout, then let it dry overnight. The next day, even though I wanted to give the track/borders a second coat, I first I cleaned all of the rail using a Bright Boy. This was because I wanted to make sure that the track all still worked after getting a coat of paint on it & I'd rather find out now than after a second coat had hardened on the rails.

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A note about cleaning the paint off the rails. It's not that hard but it's going to take you a little while so don't get discouraged. First off, the paint comes off pretty easy using a Bright Boy abrasive eraser. Clean all the way around the track, then try & run a car. It will probably go a little ways & then stutter & stall out. Clean the rails again, and also (this is important) clean the shoes on your "test car". Run the car again, clean the rails some more, keep cleaning the shoes, and repeat until you're running smooth. It took me about an hour to get all of paint off the rails. Often the rails will look clean but they will still need a little more polishing.
Once I got things running halfway OK I used a rubber band around the controller to make it a "ghost car" for 10 minutes or so. With every lap the contact got better until it was as good as new.
Here is the track w/one coat of paint. I will apply another coat tomorrow, and then clean the rails again. Once I am happy with that I will add a "racing grove" using a darker paint & a rag. Stay tuned!

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