See Eric Ronnberg's excellent monograph titled "Paint and Colors for American Merchant Vessels, 1800-1920:Their Study and Interpretation for Modelmaking" at the Nautical Research Guild's website
http://www.thenrg.org/displayshopnote.html?id=7
Ignore the part in the title about merchant vessels. The color theory and pigment choices are applicable to not only merchant vessels, but to naval vessels, railroads, and buildings. Much of Ronnberg's information came from period buildings and railroads.
Bang for the buck paint coverage efficiencey is as important to merchant ship captains, as to naval constructors, as to railroad magnates.