First, the goal here is to summarize useful resources on squadron colors and markings.
I am moving highlights of a thread created back in January. Extropia had an excellent and concise answer to a question I posed back then -- so hats off to him.
I can add a little to this:
Known Rebel Squadron names:
Grey
Blue
Red
Green
Gold Colour schemes for this lot pretty obvious
http://starwars.wikia.com/wiki/Category:Rebel_Alliance_starfighter_squadrons
This is a much more comprehensive list. Many of them (most?) d not have established colour schemes however.
Fighter designations I think are either done through the "tabs", or done individually. It all depends how organised that particular Rebel command is. I think following the tab system that MilleniumFalsehood has done decals for is a good guide for "coloured" squadrons though. Ace squadrons are probably more individual.
Imperial squadrons are usually just grey or blue. Some had squadron markings of various sorts, and some aces were known to have personalised schemes and kill markings.
Here is a full list of known Imperial squadrons:
http://starwars.wikia.com/wiki/Category:Imperial_starfighter_squadrons
Here is a Tie Fighter with either a sqadron or ship marker, and you can see these in the original trilogy:
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and a better, no movie image:
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On that note, the red stripe is not for aces in general. it is specifically Soontir Fels marking, which he passed on to his command (the 181st Fighter Wing).
I cant help with the painting side yet, but i'll be doing the same and will share notes later. Hopefully this helped a tiny bit!
If you want to look at the original thread, it is here: Squadron Colors & Markings
I plan to post my efforts as replies to this thread -- as soon as I get them done.