http://www.mcor-nmra.org/Publications/Articles/Athearn_TuneUp.html
this site should tell you all you need to know about improving your athearn locomotive.
i did a couple and added a bit of weight to help them pull better. if yours has the frame mounted couplers, i would suggest you go to body mounts. i cut the tabs off the ends of the frame and fabricated mine from sheet styrene and used a Kadee number 5 draft gear box.
the others have given you some good advice about stripping and painting. i suggest you go to the fallen flags site and look at the IC engines there. you can see what date the photos were taken and detail your engine to suit from one you like. the exhaust deflectors are a neat touch and common to many IC switchers and geeps.
i am a green diamond era fan myself but to each his own.
i use a pair of these little critters for tranfer work on my layout and they run pretty darn good for a cheap loco. i must admit the Kato's are still my favorite, probably because i could never get an athearn to run as soothly as they do or pull as much regardless of how much tinkering i did.
next project is to make a cow and calf unit by blocking off the steps on the "b" unit and modifying the hand rails. athearn made a "calf" without the cab but it still had steps on that end which should not have been there.
grizlump