Given that you have 0 and +5V at each "lamp", the question is of how many conductors you have to run around your airfield (miles of cable?), is not trivial, also its configuration, can you loop from lamp to lamp or are they star wired? Can you rely on the lamps 5V for your telemetry, cos' if that goes, the lamp goes out and there is no volts for the telemetry!
One stand alone solution might be to feed the telemetry for the lamps all from a +12V supply. this supply is cut say for 10mS every second. So at every lamp position, there is a RC filter feeding a 5V regulator, so that you now have an independent telemetry 5V supply at each lamp. At each lamp position, if the lamp is fault, the local logic puts a short on the 12V feed for say 1mS at its specified time slot.
So at the 12V PSU end, you monitor the out going line and decode which lamp slot is taking the current (output voltage falls).
Frank