LIONS model in DC. Nine Miles of Mane Lion Track, alas but all on just one block.
Back in old days when LION thought him needed block, he made SIX of them (as if silly LION had six heads!) But him used toggle switches (well actually there were gang switches of a sort that I have not seen in years, but as far as this goes lets just use toggle switches.) Push the switch to the left and power pack one is connected to the block, push it to the right and power back two is connected to the block. You do not need lights: You can look at the position of the switch.
How is a push button going to help you? Well… if you have three or four blocks, then you would need a relay for each block, and the button would pull in the relay, you would need a latching circuit to hold it in place, which is broken when you push a different button. Now you need LEDs to tell you something. But what can an LED tell you, would need one for each block and each power supply.
LION could take the time to figure out something more complicated, but more complicated is probably something that you could do without. Ditch the buttons, control your blocks with toggle switches, or if you have more than two throttles get some 2 pole, 6 position rotary switches, and you are all set.
All you need is a DPDT latching pushbutton - they are fairly common. One pole turns on and off power to the block, the other pole will direct power to either the red or green LED.