Just wanted to thank everyone for their input and to give a little progress report. I've nearly got the engine done. I settled for doing the plane as near OOB as I could. It's my first 1:32 aircraft, and it will be my first attempt at any kind of rigging, so I figured i'd keep it as simple as I could. I did have to grind off the molded interior structure work on the inside of the cockpit and replace it with styrene rod for a better look. I also decided to just fill the void in the upper wing, rather than wait to try and get a replacment. It's not large, and some autobody filler should do the trick.
Re: the engine-here's how i did it: I painted it w/ MM Aluminum NB metalizer, then applied a black wash from "The Detailer." I painted the rocker arms Exhaust Metalizer, and applied drybrushed flat black to the cooling fins. I added Gunmetal Metalizer to the cylinder head portions between the crankcase and the cooling fins with a brush that was nearly wiped dry to tone down the remaining visible aluminum. The trickiest part was giving the crankcase that yellowed, burned metal look. I finally stumbled on a bottle of old Turn Signal Amber in which the metal flakes had settled in the bottom, leaving the slightly yellowish tinted carrier. I diped a brush just in the carrier and applied it to the crankcase, and the results look pretty good. As soon as it dries, I'll dullcoat it and post some pics.
Thanks again for all your help!
Adam Howard