affas, I have that model also, and love it! Mine is electric powered.
No, it's Cub Yellow on the model, but for a reason. The correct Waco yellow is not available in the Monokote line, which is the covering brand owned by the parent company that owns Great Planes.
FYI. I visited the Waco Classics booth at Oshkosh EAA Air Venture this year, where they had a 1:1 fullsize Waco Classic there, in this yellow scheme, as well as talked to them about it. The true Waco Yellow is a copyrighted color, which is specially mixed for the Waco Classic company. It is very close to Cub Yellow, but more orange. My eyes could not truly see the difference until we laid a piece of the monokote on the Waco. (I had a piece with me.) The gentleman I talked to, (Can't remember his name,) said that a group from the factory who also fly R/C, including himself, had just completed the build/assy of their first one of the Great Planes Waco. They had just enough time to fly it once before having to prepare for the trip to Oshkosh, and loved the model. They licensed the model, knowing it would be done in Cub Yellow, again due to the fact Waco Yellow was not available.
If anyone is going to turn down this model just because of the color, you're doing yourself a disfavor. You can always repaint/recover it, if you can find the proper color, or do it in a different color scheme altogether.
Just my .02 cents worth.
Don
A couple shots of the real one taken with my phone, as well as my model, also taken with my phone.