This is an interesting question Neville, and I have also wondered why certain coatings/colors were choosen for use on WWI airframes and coverings.
As far as grey for British paneling, the first question we may ask is whether the Quarter Master General, R.F.C. ever envisioned P.C.10 or P.C.12 to be anything but "stains" to be appled for protective purposes onto (into) organic surfaces? *Your thinking that perhaps naval experience, or direct R.N.A.S. influence may have led to the choice of grey (as a neutral camouflage color) over aluminum paneling is certainly a good suggestion, because more often than not steel fittings on British aircraft were painted black instead, perhaps because more durable coatings were required on ferrous-based metals for their rust inhibiting properties.
Finally, it must be mentioned that the Germans also used a pure grey paint for application over aluminum panelings as well as on steel parts too (like struts), as seen on Albatros Werke aircraft, LVG, etc.. not to mention similar colors of lt. blue to eggshell, to turquoise used on metal by other manufacturers.
Interesting question though, and one I'm sure others here might want to comment on too!?

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