Hi Steve, I'm not an expert on this, but I think this might help...
First off make sure you know your subject. For example a P-51D's wing was actually painted and not bare metal. The moveable surfaces were also painted. While the fuselage was bare metal. Pre WWII aircraft were painted with an aluminum laquer. I like Floquil silver paints because they adhere well to the model and they aren't grainy.
While there are several brands of paint on the market, everybody seems to be raving about the Alclad II paints. You can mask them and they're ready to shoot with an airbrush right out of the bottle. Depending on the finish you're trying to achieve there are various levels of prep work. Check their web site which has examples and techniques.
http://www.alclad2.com/index2.html
There was a recent article in FSM about a guy that used aluminum foil with great success on a P-38. You might look at that. This is a lot of work but it gives a very realistic panel look when you're done. Bare Metal Foil is a great product too. You can buy it in various finishes. What I have done is take a sheet of it and shoot washes over it to give various shades of aluminum. I believe Bare Metal Foil has suggestions on how to do this. Here is their web site. One thing about aluminum foil or Bare Metal Foil is that they have a grain. The smaller the scale the worse I think it will look. You always want to make sure that your model has a scale look to it when you're completed.
http://www.bare-metal.com/
This is one of the most written about subjects. You can find lots of material on web sites and in modeling publications.
Hope that helps. Best of luck!
Dave