Nothing wrong with it whatever. Lots of colors with railroad-sounding names are fine for ship models. Union Pacific Yellow is a bright yellow ochre. Caboose Red is a bright, pure red. Grimy Black is an excellent color for fittings. Conrail Green, with some weathering applied, looks remarkably like oxidized copper. Etc. etc., etc. And I've never found a color that beats PolyScale Aged Concrete for bare wood decks on twentieth-century warships.(Fortunately Vallejo is now producing a match for that color.)
So many hobby paints are on the market nowadays that the newcomer can get bewildered by them. The best solution is to visit a good hobby shop and pick your colors for yourself. (There are few paints specifically mixed for sailing ships, but don't worry. If it's labeled Schwarzgrau, Grimy Black, or Weathered Black, and it looks right for what you're going to paint, buy it.)
I've never believed in dictating color choices for models. If it looks right to you, it is right.
Unfortunately, few of us live within driving distance of good hobby shops any more. So we have to rely on mail order, and that's a little tricky. You can't trust the colors you see on the websites.
Model Shipways does sell a line of acrylic colors designed for sailing vessels. I've used several of them recently, and I like them. You can order them through www.modelexpo-online.com . When the line was introduced, quite a few years ago, it picked up a bad reputation. But nowadays the company seems to be using a different formula, and the jars I've tried have worked fine.
One suggestion if you're building H.M.S./H.M.A.V. Bounty. I'm convinced that the blue hull of the replica built for the 1959 movie (the one with Marlon Brando) originated in the imagination of some Hollywood art director. Lots of pictures painted since 1959 show blue hulls, but I have yet to see any contemporary evidence supporting that color scheme. I put a little blue trim on my model, but if I were (gawd forbid) doing it again I'd use nothing but black, yellow ochre, and dull red. Live and learn.
Youth, talent, hard work, and enthusiasm are no match for old age and treachery.