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It appears that some current must be flowing, at least periodically, for so long as the device is tripped, to keep it activated; correct?
... I think 4-5 seconds would be needed for normal operations.
Right. Unlike a traditional fuse which "blows" and interrupts all current, a PTC flows a reduced amount of current which keeps it warm (so to speak) and in the activated/tripped state. In other words, it goes from a low-value resistor to a high-value resistor as long as the fault condition persists. As shown in the table , this warming power can be quite substantial (1.4 Watts). Release the pushbutton switch to break the coil current, and the "warming" power goes to zero, the PTC cools down, and its resistance drops over time to live another day.
Perhaps stating the obvious, but these are NOT precision devices! Note how the initial resistance value varies almost 2:1! And since it's this resistance which effectively warms up when current flows through it, what does that suggest about how accurately/precisely you can predict how fast it warms up and hence when it will trips?!
And when you see a characteristic like the resistance of the PTC 1 Hour later, do you really expect this to be a device that you can depend on to trip in 4-5 seconds vs. 7-8 seconds vs. whatever seconds?! I realize you were just throwing out some numbers so I apologize if it appears I'm picking on you - I'm not.
For uncoupling magnet protection they are, arguably, not being used for their intended purpose. If you want to limit uncoupler operation to 4-5 seconds, use a timer module (about $1-2) which has been discussed in other OGR threads. Trying to manipulate, massage, or work the datasheet curves of a PTC to get 4-5 seconds of operating time is a fool's errand; that's just my opinion. As I see it, if you're trying to protect the magnet coil from overheating/melting you should bond a thermal cutoff switch to the magnet coil itself. So when the temperature of the coil itself reaches whatever degrees, it cuts off power to the coil until it cools down. Thermal cutoff (TCO) switches are, say, 50 cents. But very inconvenient for an installed layout to pull out UCS track sections so using a proxy (i.e., a PTC) as a thermal protection device is a practical solution.
You can get PTC devices on eBay for quite attractive prices (free shipping from Asia). For example here's what I bought for Realtrax UCS which apparently have higher current than the Lionel/Gargaves being discussed. As suggested in earlier posts, I think experimentation with a few different values on your configuration is a good idea.