This design doesn't use much redstone, as if you have at least 2.5 stacks of redstone dust you can build this. It only needs:
26 redstone dust
32 redstone torches
and one item frame with an arrow in it.
What is not seen is the dozens of failed designs that came before this one. This one started off from a variation of Generikb's 8-way selector that I did just to see if it could work and ultimately it did.
The station is composed of three segments, two of which are repeated four times. Here is the schematic for each segment:
And a redstone lamp variant:
The redstone is done in this way so it can power the lamps and rails once (as well as making it a simple one block wide segment). Earlier versions had a different method to power the lamps but ended powering the rails twice which caused the turning to be negated thus breaking the whole system. There are some directional issues from the rails depending on which way you want to go around on the station. I've built all possible versions and compiled them into a map linked below. The map also contains a few variants as well as some entire stations for show.
Additionally, here is a video showing off the station.
Note: video shows older design build, the map to download has the newer version.
The Meaning of Life, the Universe, and Everything.
I'm aware about the rail direction rules. In the downloadable map I have built all possible orientations to show that it can be built no matter which way it faces. It mostly just swaps the A and B segments for which direction it faces - which gives the nice bonus that nothing new has to be added, its just reorders how the segments get put together.
Unfortunately, Minecraft version 1.16 (Nether update) has broken this design. I was able to update it thanks to this reddit post. Only downside is that I could not find a way to keep redstone lamps as they were short circuiting the whole design.