Personally I am not convinced that it looks right - it depends on what you are trying to depict - are you going to show a sloppy paintjob, then I think its fine, but for wear and abuse its not looking right.
I am not that much into WW1 aircrafts to say how the paint would react when applied to wood, would it fade, flake of, be scratched or eaten/burnt away by oilspill and exhaust heat ?
One way to approach a worn painted wood is using waterbased hairspray - apply the wood colors like you have done it - seal it solid with lacquer or future, apply a coat of hairspray and when dry apply the finishing color.
With a damp brush you can now start to work your way around the edges or areas with traffic - the damp brush will dissolve the hairspray and remove the finishing color leaving the woodfinish.
You can see this method in action here
http://armorama.kitmaker.net/forums/151518&page=1 which allso incluedes a link to a video.
Hope it helps/Jan