Yes-
Yes, there is power going to the board and I have bypassed the switch to ensure that was not the culprit. Verification of both was done on the layout as well as the bench using a different transformer.
I'm just going by what I can find, but I think we are talking about the older version of the hobby shop board right? Of that there are 2 types. That said, since nothing gets power- my logical guess is we have a rectifier failure feeding the multiple regulators with DC. I also believe the reason they used multiple regulators was to reduce the current any one regulator was carrying by separating the loads. The likely hood that all of them failed, while possible, IMO is low. So again, since nothing works, I generally start tracing at the power entry to the board, then expected AC to DC rectification, then filtering (capacitance), then regulation to individual loads.
This image from Lionel parts shows a large single diode in the left upper corner and then large capacitor for a half wave rectification.I have no idea if there are components on the backside but appears to be a single sided board and fairly straightforward to reverse engineer.
This slightly newer version of the board appears to have a switching regulator as seen by the inductor and the 8pin DIP chip and possibly a transistor for the switching, and then other linear regulators. That said, the front end rectification being half wave single diode appears to be the same.
Again, I would work my way forward through the board starting at the AC entrance, then check for DC voltage on the large capacitor. From there, try to trace out and follow that voltage. It's possible one the large resistors failed, but also another suspect is that switching regulator.