In 2005 I wrote an article about installing an automated cruise control system in a small engine.
The original circuit has been installed in many engines and is especially well suited to club layouts at train shows where children delight in seeing all the collisions that are avoided.
I recently revisited that circuit and revised it using some updated components including a variable speed control, a one-piece infrared proximity detector and a TV remote control for configuration.
My notes and more information about the circuit and installation are here:
http://www.trainelectronics.com/CruiseControl/NewMosfetVersion/
Please note that the article is in draft form and may contain typos and other errors.
dave