A lot of folks don't think 1/2" is strong enough over the long haul, so I can't imagine anyone suggesting 1/4". I would think 1/4" would have too much give between risers. Most use joists that are 16" apart to attach the risers and I'm sure you can imagine how much 1/4" will sag over that span. You can add more joists/risers, but that just creates that much more work and 1/4" will still sag over even an 8" span. I think 3/4" is overkill, but then I don't intend to run long trains with heavy locomotives.
EDIT: This assumes you are using open framework with risers on 16" center, etc. If you have a tabletop type layout where you can add support along the entire breath of the grade, you don't technically even need roadbed, you can put track directly on trestle supports.