You might have to switch from the 0-54 to get it to fit, play around with it and see what works. I don't know what type of trains you are running, but I have two main loops, each 0-36. The outside loop has no switches or obstruction of any kind so I can run my prewar pickup shoe engines. The inner loop has all of my operating accessories.
I started with probably 6-7 switches but pulled almost all of them back out as the layout progressed. One, I realized I couldn't run the older stuff across the switches, and two, while everyone tried to convince me to add switching capabilities, reversing loops and crossovers, I never used them. So out they came.
CTT did a running article on a post war inspired layout that I think would meet a lot of your needs. It was compact but featured a number of operating accessories.
http://www.ebay.com/itm/CLASSIC-TOY-TRAINS-For-the-Collector-and-Operator-Lionel-September-2009-Mint-/370915193111?pt=Model_RR_Trains&hash=item565c44b117