The cover art appears to be solid white. And the instructions say the whole body and capsule are silver, with a white tower.
I'm leaning towards the first option mentioned above - only painting the lower area, from the wraps down, silver.
I also hit my first goof (as opposed to merely mediocre workmanship). I built the capsule without looking back at the main set of instructions, which reminds you to built it with the supplied wrap inside out. So, mine currently is an operational versions complete with all the trim. Somewhere, I read the last LJ II boosted an actual capsule, so I guess I could leave it.. Luckily the fix is easy...paint over it!
Update: This is what ROTW has to say:
- The Qualification Test Vehicle (QTV) - The wraps were silver as were one 1/2-quadrant of the top section and capsule. The rest was white. Oh, and the faces of the fins on the white quadrant were also white. So, this doesn't match the Semroc-recommended scheme.
- A-001/Spacecraft BP-12 - Lower section from the wraps down were silver and the rest was white. I'm leaning towards this one even though the supplied decals are not accurate for this round.
- A-004/Spacecraft 002 - The basic pattern as the previous. Lots of trim differences (black rectangles, etc.). The motor compliment was different and there were additional fairings at the fin roots. The actual capsule was not painted like the operational versions.