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From the M6, Junction 10A:
Join the M54 Westbound, then leave at Junction 3 (Cosford and Albrighton). Head South on the A41 for approx 1 mile, until you come to a traffic light controlled junction with Worcester Road, which should be signposted for Cosford station. Turn right into Worcester Road, and follow it past the station, and under the railway line. Approx 200 yds beyond the station is a small electricity substation - there is room to park one car here, or there is more parking available at the RAF Museum. From the substation, the location is a short walk (20 yds or so) back along the road - you will see a path leading through the gorse bushes to the line side fence.

Free parking is available at the RAF Museum, just a short way down the road - however note opening times etc here on the RAF Museum website.

Mon-Sat:
Cosford is served hourly by Central Trains from Birmingham via Wolverhampton, and from Shrewsbury via Telford.

Sun:
An irregular service is provided by Arriva Trains Wales.

The 892 bus service from Wolverhampton to Wellington runs along the A41. The nearest stop is the Cosford Garage, which is just South of the junction for Worcester Road, which leads to the railway station and the location - around a 3/4 mile walk.

There are no amenities in the immediate area, however there is a service station on the A41 (turn right at the end of Worcester Road).
There are more facilities a short walk away at the RAF Museum - which is free to enter - there is a shop, cafe etc - however note opening times, and bear in mind special events which may not be free (Cosford Air show etc)

Marches-Gen

Update 02-03-08:
The signal box has now been removed.

The line here runs roughly East-West at this point. The best shot here is of Westbound trains, and the light is best in mid afternoon til around 18:00 - 18:30 when the sun moves too far around.
A set of steps may be useful to get some height over the gorse bushes, however they are not essential as the worst can be avoided by moving around to find the best spot.
Videographers should not have too many problems - although the road can be busy, the worst of any noise is screened by the bushes behind you. However now and then coaches and trucks etc do pass by which obviously can be noisy.