WOW, I would say that, if you're not experienced in auto building, I would wait a bit to do those F1's. Given what I know about that car with the weird doors and whatnot, and engine placement, you might want to get a cheap car model off ebay or somewhere and practice building a more traditionally-arranged car to get some idea of what gets done when.
The paint you choose determines a lot. MAKE SURE you use a primer. But enamel paint--while spraying easier--takes forever to cure and "gas out"--so you want to clean up and paint the body BEFORE everything, so that you can work on the interior as the body s curing. Acrylics dry really quickly, but have less durability or shine. Lacquers are optimal, with very fast drying time and great polishing qualities.
Start by assembling the body and clean it up with fine sandpaper. Get rid of any seams and blemishes in the plastic. Then prime it and paint it. Don't add the side mirrors at this point--you'll appreciate that when you go to polish it.
Next, work on the engine--which usually needs a few steps of painting and adding small details. Put it aside if the fiddly bits get to ya for a bit.
Next, work on the interior. Paint the seats and dash separately, and then work on the detail painting. You can also assemble the wheels at this point.
When the body is dry, polish it. Then add the small bits of details. Add the glass when its done. Be careful about what's on your hands at this point--fingerprints and stains can ruin a good finish. A lot of guys wear rubber gloves at this point to handle the model.
At some point, you have to consider WHEN and HOW to assemble the whole model, given the particulars of the engine compartment and fittings, and the doors, if they open or not. I always add the wheels just about last, but that may not be an option given the body clearance.
Don't despair--modeling is a learning process, and the more you do, the better you become. Good luck, and remember to have fun!