If the paint has faded due to exposure to sunlight, it's unlikely that any practical treatment will bring back the original colors.
When historic preservationists do research on old, faded building paint they rub a small area of it with Vaseline. That makes the paint shiny, removes some of the surface oxidation, and darkens the paint somewhat, giving at least a better idea of what it looked like before it faded. I don't recommend coating a ship model with Vaseline, but you might try (first in a small, inconspicuous place) hitting the faded paint with some sort of clear gloss. That may help some. If so, you'll have a correctly-colored but shiny model. What will happen if you follow up the gloss coat with a clear flat one I honestly don't know.
Oxidation of metal fittings (e.g., lead) is another topic. Bottom line: the worst thing you can do to a ship model is put it in direct sunlight - especially if the model is in a plexiglas case.
Good luck.
Youth, talent, hard work, and enthusiasm are no match for old age and treachery.