With a good ferrite core inductor you can get ~20uH or so with a series resistance like 0.01 ohms or so. Then use tantalum caps so the ESR is very low too. That drives the general look of it from the $1 to $15 regime, and the 0.3" scale to the 2" scale, but whatever, it needs to work, right?
I'm not as worried about the final price as I am about the effectiveness of the filter. We spend thousands on the layout and locomotives, etc., so spending a bit more to make them run right doesn't seem to be much of a sacrifice.
OTOH, regarding perfect being the enemy of good enough, it depends on how much more effective the additional cost makes the filter. If we get 90% of the benefit from a $2 parts cost that we could get from a $15-20 parts cost, then it might make sense to do a volume run of the $2 board. I am thinking that the boards would incorporate two sets of filters in parallel if the parts only cost a couple bucks, that would help with the performance it appears.