Repaint models is the same as previous RF versions, you open and modify the TGA file in Photoshop, Gimp, Paintshop or whatever texture editing software you use.
To save a copy of the TGA to recolor, simply press the Esc key, scroll down and select "My Realflight", then select "Save color Scheme As", click in the box that you will see on the left side of your screen and type a new name for your color scheme and click the select button.
It usually saves the CS copy to:
C:\Users\Username\Documents\RealFlight Evolution\Vehicles\ColorSchemes