Carey,
My "Green Hearts" book says that the JG54 bands were RLM 24 Dunkelblau (dark blue), although that color seems to be a bit dark. Maybe with a wash and weathering it could be lightened
up to match the color artwork.
RLM 78 Hellblau (light blue) is a decent match, but may be a bit lighter than shown on the artist's rendering.
Red 1 was flown by Hans Dortenmann, Staffelcaptain of 2/JG54 during the summer of 1944. "Red 1" is a beauty! What a great subject to model!
SC
http://members.cox.net/wulfman/