They do work, and really aren't that different than the 1122-100 double controller except that instead of just one bulb, there are two, each one bleeding over one each of the two solenoid coils in the 1122(the 1122-100 has a #53 bulb that shunts one of the four coils in the pair of switches).
The problem is, both bulbs stay on... that is, until a train traverses the switch, then one of the bulbs starts to flash - in this fashion it can be used to indicate train position on the layout. Be sure to use the #53 bulbs or equivalent.
To modify the 1122/1122E switch for indicating the switch position, it would take some electrical/mechanical work at the switch entailing the use of a pair of SPST NC switches(microswitches, eg.), one at each end of the travel of the rack, to shut off the energized coil once it has moved the points all the way over.
This is precisely how K-Line did it, but they only used one microswitch(SPDT) and an ingenious arrangement with a rigid wire hoop that slid over(on/off) the switch trigger only at the extremes of the switch points travel.