Hey guys,
I went ahead and tackled the project using Tamiya acrylic black paint. I had some semi gloss on-hand so I dove in with that - were I to do this again (and be more patient), I would have used a flat or satin black, but the semigloss isn't too noticeable. I'm pretty happy with the result - it's amazing how eliminating the polished silver bits adds an element of realism and "modernizes" the model.
BEFORE:
AFTER:
I had a bit of Testors flat red on hand as well so I touched up the valves in the cab of the locomotive: