Sorry to take so long to respond but...
@AJB - Thanks for the comments and can I say, don't totally write this kit or the manufacturer off. There is a lot of potential with it and for the price it makes for a nice base to experiment on.
@Braille - Eddy, from what I have read of other Pegasus kits, they all appear to have in many ways an equal or similar level of detail. As I state above and you imply, they can potentially be transformed to really be something with some work.
Here's how the kit has progressed with the first stages of weathering.
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The process so far has involved two applications of different coloured textured medium. The base of each is Snow-Tex white textured medium with one coat having Buff acrylic paint mixed in and the other coat with Dark Earth. Each are applied randomly with a "stipple" brush. The combination is great as you can vary the texture and thickness of the mix. More thinner and it gets rather soupy. Less thinner and you can end up with thicker clumpy "mud".
I'll post more progress pictures as the build nears a more completed state.
Cheers,
Jan