Well I've got round to doing a bit more research on and work with mine.
I notice ebay also lists mini versions, but these claim a range of only about 8m rather than the 100m max. of mine.
Some larger versions only have four keys, they don't have the facility to adjust the brightness so aren't suitable for motor speed control. Initially was confused as the speed buttons don't change the motor speed, they alter the flashing rate of some of the light sequences, it's the brightness buttons that change the speed.
Mine has 21 different modes, with only the first seven of use. If I were to get another I might try to get a version that can move up or down the range of modes rather than cycle sequentially through them.
I'm going to use the red channel to power the motor and the blue to power a reversing relay. This way mode 1 (red) will give forward motor power, mode 2 (blue) no motor power, mode 3 (red+blue) reverse motor power, mode 4 (green) no motor power, mode 5 (red+green) forward motor power, mode 6 (green+blue) no motor power and mode 7 (red+green+blue) reverse motor power. In short forward, stop, reverse, stop, forward, stop, reverse. After that I'll need to go through modes 8 to 21 to get back to mode 1. A bit of a pain but not too bad as it's mainly speed control that's required with only infrequent reversing. I'm thinking of fitting a green led to the red channel to indicate motor power, a yellow to the blue channel for reverse and a white to the green channel. That way I'll have some idea of what to expect. Green go, no green no go, green with yellow (with or without white) reverse and all three together will indicate reverse and the end of the usable sequence.
Reading though this and allied topics I decided to add smoothing capacitors and a current limit set at around 3.75 A on the input.
I'll also fit a protection diode and a 0.01uF capacitor on the motor output channel. In addition I'll put a bank of diodes to drop the output voltage in order to give the reversing relay coil chance to pull in before the loco starts to move. The relay channel will have a 6V voltage regulator to suit the 6V relay coil.
This unit is intended to replace a blown Train Engineer on light duties with simple (i.e no fancy electronics fitted) locos using the serviceable smoothing capacitors and protection diode from it.
Here's a diagram the proposed system. I'd appreciate feedback, especially of any errors or unforeseen potential problems.