If you're installing 4-pair CAT-5/CAT-3/... then you have two pairs for half duplex data and another pair for power and still a spare pair.
IIRC, both the Power-over-Ethernet standard and the consumer grade passive PoE common practice is to use two pairs for power. Using just one of course works too, but in that case it would be a good idea to use a custom connector so there's no confusion with Ethernet cabling and no random plugging in of equipment that expects something more standard. (and no accidental shorting out 12V to ground)
It's a cool idea for a project by the way! I've been thinking of doing the same thing, since there's already Cat-5 cables installed in my apartment.
Related to that (hope I'm not hijacking here); is there an obvious and cheap way to couple a differential signal onto the power pairs? I've thought about just copying what Ethernet does, but I'm not sure how that would work when the signal going into it has nothing to do with Ethernet. (different data rates, expects termination, etc)
Edit:
evb149, you mentioned capacitively coupling; the part that is making me think twice is when the conductors of a pair is tied together for power - I'm not clear on how to use a pair for power in that manner without shorting out the signal. (unless one goes the full PoE route)
But it's of course possible that is a stupid idea to begin with. It seems that PoE is mostly useful for point-to-point connections, and a multi-device bus should probably just use different wires.