It would definitely be fun to have this in TSW, especially combined with multiplayer Passenger Mode, and a Guard Mode. For now, you could try SimSig (UK focused) and StellwerkSim (Germany focused) if you want to experience what it's like to be a signaller. Spoiler: it's not easy!
I also like the idea of playing as dispatcher. That sounds really interesting. Specially if you combine that with the humpyard at CSX. Cheers
I can't see this working as most modern signals being automatic ect, would be good maybe on a old route that don't have the modern tech though.
If you want to play as signalman, try https://www.stellwerksim.de/ It is only available in german, but with some googletranslate you will be able to find your way around.
If you need specific words translated, then i can recommend leo.org. But for whole site translation is google still the easier way.