I will go with Erie Lackawanna Maroon for the burgundy color. When I hit it with Testors Dull Coat, it gets very close to the color Lionel uses. I have over 50 custom painted EL diesels, and looking at the maroon bands, its as close as I want it.
The blue is interesting. Craft stores like Michaels , Hobby Lobby, etc sells acrylic paint in small bottles. There are hundreds of colors on the rack and you can either get very close, or bracket two bottles with the color you want in-between, and match the color that way.
Here is the secret:
If there are two bottles, use a paper cup and record how much of the second color (darker) you use to "darken" up the paint in the first bottle.(lighter color). That way you can track progress, and not contaminate the whole paint supply. This is pretty standard. However....
Mix the final mixed acrylic paint 50%/ 50% with water. Add in 2 drops of Dawn detergent. Mix. The Dawn breaks down the surface tension and allows for easy spraying. if it is still too thick, add a little more water.
Use the cheapest air brush you can get- I use a badger 250 with a wide tip for general coverage.
Strain the paint before you put it into the bottle. You may have to stick a pin in the nozzle periodically if it clogs, but the tip clears easily.
Volla--you should get a smooth, but satin finish when you air brush. Experiment a little and see for yourself.
I have an extensive K Line collection. I have restored K Line rolling stock this way. For example, I was able to match the desert tan used on their military sets and Hersheys work train virtually identical to their color.
If you are going to decal over the paint, use gloss coat to even out the surface. Then you can use dull-cote to get the sheen you want.
I suggest you try it before you commit to your high dollar project, and satisfy yourself if this approach is something you want to use. I am in the process of matching the blue this month and we'll see what I come up with.
Best regards,
Lackman