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That sounds somewhat  similar to what we’ve done. I built a long stretch of double track main line with Trackmaster 2 and dedicated Plarail or Trackmaster 1 lines. Since Plarail and TM1 engines work fine over TM2 tracks and TM2 track would fit the Plarail bridges we used, that was the choice for single track sections, switch points, turn around loops and wyes. I do want to try some Trainlab Plarail to TM2 adapters to make the transitions a little less complicated.

My motive power is almost entirely Plarail and my daughter runs mostly Plarail and Trackmaster 1. My son has a large amount of TM2 as well as Plarail and TM1. He also has a huge collection of Trackmaster 2 track, so it’s much easier to for us to accommodate the TM2 trains and track than to try and modify them all.
Honestly, my sanity isn’t intact enough to modify that many engines!