I think the others have it pretty well stated, but I'll sum up as I have similar views.
1. You can use just 2 wires and a shared 'common'. This common can be run around to the various switch machines, then run back to the accessory transformer, or linked to the rail common. Either way will do the job, but make sure your transformers are in phase if connecting to track for common... You should probably do that anyway even if the lines remain isolated.
2. Phone wire or thermostat wire will work fine for switches. If you plan to use the same wire for any lights or accessories, I'd go with the thermostat wire, as it should be a much heavier gauge. Therm wire is usually 18-20 gauge where as phone wire is typically 24-26. cheaper phone wire is also fairly difficult to work with, so if the cost isn't a major concern between the two types, I'd go with the thermostat type wire. ( For other folks, older telephone wire was much thicker gauge and easier to work with, but the modern stuff is quite small.) one other thing to consider. The phone wire will be much more flexible, as it seems to be very fine stranded wire these days, where as the thermostat wire seems to be all solid wire.
3. I have no experience with the machines in question, but others seem to believe they will work out just fine for you.