Just a heads up on Paint... The default bmp format is 24-bit, which has no alpha channel. 32-bit and DXT3 both incorporate alpha channels, making them compatible with FS9 as a texture. The only place I know of in FS that will accept a 24-bit file is in the 2D panel.
Sorry if I misled you on the format saves lemmonadedrinker. I am extremeley green at painting and the understanding of it. I am also using the plane in FSX. There are many more here in this forum that are way more qualified to give you and I both pointers about the do's and don'ts of painting FS models.
I appreciate the fact that you guys are giving this a go. Ask questions, share what you know, and we will all be better for it. The key is to enjoy the process having fun along the way while we learn and be creative.

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