No it does not include railing or the bulkheads around the 5"AA or stuff for a Penn 42 but 1/400 or 1/450 railing is fairly inexpensive if looking around.
I cannot tell the difference between both once installed other than the 5"AA bulkheads. Which, BTW, the perimeter border of Tom's fret can be used for that as well.[the part you throw away once you are done with the replacment pieces] Snip-snip and bend here and there and it is a tolerable piece to use.