That station isn't too bad. You could probably just clean and polish/wax the walls, might even be able to get the B&O off the facade. I think your color interpretations are correct though if you want to purchase matching paint to re-do the whole thing. Or you could just get the red and redo the base and clean up the building... It's really up to you. IMO, a repainted base but original building would be more valuable than a completely repainted station..... but that is only one nut's opinion lol.
All that dribble said though, if it were mine, I would try and clean up the building and then consider repainting the base and go from there.