Scott,
If that is trully your first go at it, you are on the right track man.
You will notice ( as well as others following the thread ) how different the lighter shades & darker shades will look after weathering & any other effects used to manipulate the base color.
Filters alone ( applied BEFORE a satin coat while the base colors are still flat and have more tooth ) will change the appearance radically and tone down some of the transitions. A satin coat will also serve to smooth the transitions by virtue of its reflective properties as well.
The trick is ( And I am not always the ace when it comes to this ) is that the CM technique is not blatantly obvious on the finished model.
As you move on to the weathering, be sure to keep track of how the model looks at this stage. Also, if you take progress pictures, try to take a few in the exact same lighting and from the same angles that these photos were taken from. By doing this, you will have a solid frame of reference on your next Color Modulation project. You will be able to "SEE THE FUTURE" in regards to just how light & dark to go and where to do it in relation to how much different these tones will look after weathering and effects. To judge the effects of Color Modulation at this early stage of the model's progress is difficult. It would be like judging a book from the first few pages......in this analogy there is no way to know if the book will be complex and rich with character & plot. In the same way, some may look at a model with base colors applied in the Color Modulation style and decide that they do not care for the appearance. This is not much different than judging the appearance of a model after only the first few steps of assembly!!!
I think this is one of many reasons some people choose to avoid giving Color Modulation a shot. It does have a "LOUD" appearance before filters, washes, chipping, streaking, dust, mud, dirt, grime, oil, grease, etc.
However, any one effect that we use on our models looks odd when viewed by itself. But in concert with all of the other effects, Color Modulation adds so much. With out the Color Modulation, we would be missing volumes of color and the illusion of depth, not to mention a ton of simple visual interest.
Sorry for the rant Scott, I think you are on the right track. The only thing I see that looks odd to me is the color variation from the outside edge of the front fenders ( dark ) to the inside edge ( light ). However, I am sure you have a reason for doing it this way and I will be the first in line to see how it turns out.
"Big Ups" to you for stepping out from your usual process and trying something different. If in the end, you do not care for this style of painting, you will have learned a few things simply by walking through the proccess!