Hi good plan. I recommend using peco track this time its sturdier and better quality then hornby. The peco points are good aswell then u wont have trains stalling too.
This is always the tricky part, but yes you do need power all the way round. I can remember helping my Dad wire up a Gaugemaster Twin Track controller and a track panel he'd made, to get power flowing all round the model railway he'd built for me a long time ago. The controller and panel were situated on the oblong side nearest to me. I drilled the holes in the frame underneath, and helped with the wiring. I think your best bet is to ask someone to help you, I'm not quite the right person to ask about this part of railway modelling. I don't want to suggest something that renders you suffering a power shortage. Find someone who knows about this sort of thing, believe me, I'm no expert when it comes to wiring a baseboard railway. Can't advise this time, I'm sorry to say.