I love Plasticville, and have a few thoughts to contribute... Charlie mentions using 12V bulbs. When my brother and I did this years ago, we used 4V (i think) incandescent bulbs cut from a string of Christmas lights. We series-wired them in sets of four. I think we were feeding the house lighting with 12-14 volts. So each bulb was actually getting only 3, or 3.5V, which added to bulb life and created a pleasant warm glow. Connecting multiple structures in series with lower-voltage bulbs also cuts down on wiring. Instead of having two wires from each structure going to the terminal block, only two wires for every four structures went to the terminal block. The other wires went from one structure to another.
Another thing to think about is "light leakage." Newer Plasticville, especially, is made of thin plastic that's somewhat translucent. Running the voltage down makes the bulbs dimmer, and that helped. We also put a strip of paper or card stock along the front (viewing) side of each structure to create the appearance of "shades drawn." In one case I made some accordion folds across the front window of a split-level ("curtains!") If light still bleeds through the walls or roof, you'll have to use tin foil, or paint the inside of the structure black.
"Outdoor" structures like the small freight station had bulbs hidden up in the peak of the roof, which created a dramatic night scene. We also hid a bulb on the underside of the coaling tower. No O scale workers were injured at that site over the years, despite the occasional night shift :-)
We did all this in the '80s. Today I would look into LEDs for reliability and less heat. But our bulbs held up pretty well and the idea of connecting multiple lower-voltage LEDs in series to reduce wiring might still be viable.