"Raie the
Titanic"
The first model based on the 1980 film
I have found a superb FX paint for the model which gives the impression of corrosion. Looking at the photos of the wreck, this item would be ideal for the models that are build of the wreck today. It is called "FLECK". I found it in "Do it Yourself" (DIY) stores here in the UK for £5.99 / $10.00. The paint is a US make, so I guess it is also availible overseas.
Another idea I came up with is a paint called "Stone Chip". This paint can be obtained from stores that supply car parts. It can be found in the car paint section. The paint is used for lower sections of car panels to protect them from getting panel chips from stones kicked up off the road surface. This is another ideal paint as it leaves a textured finish.
Both these paints are fully dried in 24 hours and can be painted over with ease.