For O-27 electric switches, you want the 5121/5122 type that has been made continuously since 1970(they have new catalog numbers now). They are very simple and do not drain any power from the track until a train traverses them. and the non-derailing feature is built-in. For switches with lights, look at the 1122/1122E switches that were made from 1952 to 1969, also with the non-derailing feature built-in.
For yet another upgrade, the K-Line O-27 Switches K-265 & K-266 have lights, non-derailing, position indication on the controllers, and provisions for operation on fixed accessory voltage for consistent operation not dependent on track voltage or train speed.
Unfortunately, there is no O-27 manual equivalent to the superb FasTrack O-36 manual switches with their silky non-derailing function. HERE are videos of layouts I have built with the FasTrack switches with double reverse loops.