I like your "power line conditioner" application of a UPS. But note that modern UPS systems - those that generate sinewave-like waveforms - are...wait for it...switching power supplies running at tens or hundreds of kHz. Your audio friend might find it amusing that the PS2/PS3 audio amplifiers are...wait for it...switching power converters (class-D type) running at hundreds of kHz. Yet, the end-result is "clean" sound pressure levels in the audio frequency range.
As I see it, the issue is compatibility - specifically if DCS works if powered by a source that internally uses high-frequency switch-mode components. Since I don't think you'll find relevant technical specs on either side, the consensus is for you to just try it and if it doesn't work to consider some additional filtering.
As to your wondering about PS3 current, I don't think there's a simple answer. I have not seen any published information showing power requirements for different engines under different condition (speed, load, grade, smoke, etc). As was suggested earlier 100 Watts might be all you need for a flat, low-speed, single-train layout. You benefit from the...wait for it...switching power supplies used inside the PS3 engines which effectively makes it a power issue. This means that, to first order, if your engine needs 28.8 Watts to do its thing, then this can come from 16V at 1.8 Amps or 18V at 1.6 Amps...symmetrical numbers chosen to illustrate the point. Most hobby meters can make DC-current measurements to 10 Amps so you might activate different features on the engine and jot down the incremental power. A PS3 engine in shutdown draws only a few Watts. Audio takes less than you think...also a few Watts even with the Horn blowing. Smoke takes a bit more...5 Watts or maybe a bit more. The motive power is what gets you. An engine by itself slowly moving might draw only, say, 20 Watts with audio and smoke on but add some metal diecast cars and hit a grade and it's "More power Scottie!" as Captain Kirk would say. I'd think if you identified the specific consist you have and asked here on the forum someone may be able to report how many Volts/Amps are reported on their Z-4000 or whatever running that exact load.
I think you said you have lighted passenger cars. Cars with incandescent bulbs can draw 10 Watts or more. If you do the LED conversion as many of the guys have done, you easily get less than 1 Watt per car - a dramatic power savings. If your tester/meter has a current measurement function compatible with the power (AC or DC), try measuring the lighted car current (and hence power). Or identify the exact cars you have and someone here might be able to give you some numbers. This might get you motivated to start the LED conversion while you wait for your TIU.
Yet another way to look at it is to consider that MTH starter sets include or have included 50W/75W Z-500/Z-750 transformers for engines (with smoke) and a few cars. The rub is a PS2/3 engine operating in DCS draws essentially the same power pulling the same load at the same speed as one operating in Conventional. Again, because of the switchmode power conversion techniques used in the engine, it's the Power in Watts or Volt-Amp product that's important.
All of this is in my opinion.