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Hi, Bob
Of course there´s room for two of these! And I´ll be glad to share this build with you!
I´ve read somewhere that the issues with the tracks and sprockets are really serious so, as you can see, I´ve got the Fruil tracks and sprockets.
The other major pointed issue is the commander´s cupola. The hatch seems to be too small in diameter. May be a replacement with some from a Pz.II F cupola would work (have an old Tamiya F somewhere).
Also some others replacements will be mandatory, like the boxes´ support legs; they are badly out of scale; tools could be changed with some Dragon´s left overs or from the Tamiya PZ. IV tools set, the clamps and clasps added with the dreaded Aber PE, and the gun and MG with some metal, as you stated.
About the scheme. After reading in the excellent “Panzer Tracts Panzerkampfwagen I [1 &2]” and “AFV Collection - Panzer I - The Beginning of a Dynasty” that this little babe fought in the Normandy campaign, I was guessing the same as you. Therefore I´m planning a Dunkelgelb finish, and may add some green camo as well (not another “boring panzer grey”).
But first I must finish my Flakpanzer, and then it will be time for this one.
Cheers, Bob 
Raul
Box-mounts, maybe some tools, likely some clamps, certainly a couple of missing weld-seams - all on my "honey-do fix-list" for this baby, too!
That cupola.... Be cautious! There are a few pics of this beast that allow one to see down onto that cupola, and actually it did indeed have what appears to be a very small hatch! Certainly smaller-looking than hatches on most German tanks. I've been in the discussion around this hatch issue before...
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The tiny cupola hatch on the 1C seems not too different from a tiny item on the II-J, etc. Odd as it perhaps seems, I would suggest NOT replacing it, unless you find some convincing evidence for a new, larger size and find a fitting replacement.
Do the Fruils come with "correct" sprockets, or do they fit onto the kit sprockets "correctly"? I very seldom go for AM tracks, but may consider such for this one, as I got the kit pretty cheaply - and, hey, it's only money
We NEED some 1944 Normandy pics of this machine!
Bob