I tried to learn some more about modeling and texturing techinques and here’s the result 
C&C welcome 
Very nice.
Only crit is on textures I mean, it looks like you used them as Color and Bump maps, but this Makes Spec and Ref of the material the same all over, making paint nice but rust too shiny.
You can make the texture affect Spec and Ref too, try!
Stefano
Thanks for the tip, S68 
Great textures. But I agree with Stefano. Get the spec fixed and it will be great.
BgDM
I hope this looks better now
Better, but the rusty areas still have too much specularity. They should be flat and the blue areas should be shinier.
BgDM
exactly.
You can eventually manipulate the texture on GIMP to have black where rusty is and white where it is not, apply it a Spec only texture, with MUL (not mix)
Stefano
Very nice!
Arnaud