It's simple as... you know what... Just connect one rail to one GPU and thats it. It also depends on how much power can be drawn from one 12V rail, for example if your multi-rail PSU has 20 amps per rail at 12V it may deliver 12*20 = ~240 Watts of power.
So... do I connect one rail (cable from PSU) to each riser/video card combination?