The thing here is you have to assume fully loading at "pick up" can be done nearly immediately, which is only going to work if the mine is producing far more than needed, and will jam when the mine depletes?"waiting zone" -> circuit signal -> "pick up" -> inventory full -> "drop off"
My idea was to make the "pick up" and "waiting zone" pretty much the same thing (ideally one station, else just put the waiting station a few tiles after) so that trains will wait out of the way at their loading sites, and the system can immediately know there is a full inbound train. As opposed to my normal simple solution of having a large holding area just before the drop off station (which for mega factories needs to be pretty large to avoid a traffic jam if too many trains come).
Will try and make a functional version but cant until after work. Did you have a save showing in action?