I remember catching a show on the History Channel about the 3rd Armored Division. You might be able to find a copy for rent in the documentary section of local video store. In it they had a lot of photos of knocked out Shermans, and from what I could see, almost anything is possible. If the ammo doesn't go up, you might be left with just a small hole, but not much exterior damage. If the ammo goes up, the tank may burn in place, the turret could get blown off, the tank possible flipped upside down, the transmission separated from the hull, and anything in between.
I do remember one of the tankers commenting on how the Panzerfaust would cause such a small hole, yet the so much damage on the inside. Since your dio includes the tank hunting team, I am assuming the the damaged Sherman would have been knocked out by them at that time, so you'll probably want to skip flame damage because modelling flames would be difficult to really pull off. If on the other hand, you were include a previously burned out Sherman for effect, pay close attention to the tracks. Since the blocks are made of rubber and do burn, they take on a really weird appearace. Squadron's Sherman in Action has at least one really good photo of this.