There is so much to learn and decide and not near enough space here to put it all together. Some of the big questions are:
1. Command control or conventional (transformer handle) control?
2. Only "modern" locomotives or post-war locomotives as well?
3. Layout plan developed? (This can affect your electrical decisions enormously!)
4. What will you actually use to power your layout? (Options include older transformers, newer transformers, power bricks, etc.)
My suggestion would be to read through a lot of posts in the electrical sub-forum here as well as on other O gauge model railroad fora. Also look at locomotive mfg. user manuals and info posted on mfg. websites about electrical choices and operations.
Chuck