Regarding paints - I'm sure artist acrylics would work fine on a model like this. I've used them several times with good results on wood, paper, and primed metal; on styrene they didn't seem to adhere as well.
My personal favorite line of paint, though, is PolyScale acrylics. The range is vast; though only a few of the colors are specifically formulated for ship modelers, the colors for railroads, aircraft, and armor number in the hundreds. Just don't get hung up on the labels. WWII German Panzer Red-Brown, for instance, is a good, reddish mahogany, and "aged concrete," to my eye, is an excellent base color for unfinished decks.
The Testor's Acryl range is also enormous. I don't find the brushing consistency of this line quite as friendly as PolyScale's, but it's good paint - and the range has recently been expanded to include quite a few colors specifically formulated for sailing ships. It includes, for instance, both yellow ochre and orange ochre, and a color called "tallow" that's a fair representation of newly-applied eighteenth-century "white stuff" bottom paint.
Minwax makes a lot of products that are useful for projects like this. Unfortunately they seem to have deleted their "driftwood" color wood stain, which I used to like for deck planking. (Olympic Paints, also available at places like Lowe's, makes a nearly-identical color.) I particularly like Minwax's touch-up pens - wood stain in the form of fiber-tipped pens. They come in handy for all sorts of jobs in the building of a small wood model, and don't require anything in the way of cleanup.
Youth, talent, hard work, and enthusiasm are no match for old age and treachery.