Paint Scheme: Do whatever you wish, they could be pink with yellow polka dots if you wished, so long as you made it clear to your opponent what they were in rules terms (Take that, you WYSIWYG fanatics!).
Lord: What army do you use? What role will he fill? How many points do you want him to be? I suggest against the Lord model, first and foremost, since Combi Meltas suck, and Powerfists suck. After I got that model, I used the head and the Powerfist on other models, and left the rest to rot.. it's really not a very good model (bar the head), and I wouldn't suggest using it without heavy conversion.
The traditional things a Lord (in 1000 points or higher) should have:
-At least Strength 5
-Power Weapon of some sort (and pistol OR extra CCW, unless you've got a Manreaper)
-Invulnerable Save
Everything else are just add-ons, such as extra attacks (Mutation, Spiky bits, etc.), extra speed (Daemonic Speed, or Flight if you intend to use your shooting phase for psychic powers and whatnot, etc.), and what-have-you.
