It's all in the planning, especially for the lights. Before you start building work out what cabin lights you want. Is there a searchlight? Floodlights, mast lights etc. List it all out together with all the other extras and gadgets you want.
Next, read up on led lights, search this forum and others and get an understanding of how it all works.
Next plan wire routes and how to connect wires from the detachable bits to the hull, that's worth a search on here too.
Then think about power supply and good ways to wire it.
After all that, you'll have some specific questions which people on here can help you with.
Its also worth looking at switching units for the functions, there are several ways of doing it, but you could do worse than looking at the website of component shop, for some ideas.
I don't have any knowledge about the motor you mention, but I'm willing to bet that a change to a modern brush less motor will be a good idea. Also worth a search for info on here.
Many, probabably most of us use rattle cans for painting, often from Halfords. Easy and cheap.
I hope that's enough to get you started.
Chas