My father purchased the airplane in '46, at that time it had been painted to resemble a 'Deluxe' model.
Evidence of red paint on beneath the black on the landing gear &tc leads us to believe that the plane was originally red (tennesse red, stearman vermilion, ... ).
It is most probable that the plane was originally red, with black trim, as indicated in this two-color advert. Also the tail # is quite close.
My father's recollection is that the wings and horizontal stabilzer were red with black leading edges like NC21239.
The best photographic evididence I have found for period correct Taylorcraft paint schemes is given by Capt Jon's http://www.taylorcraft.info website.
The early solid color planes seem to have had contrasting color leading edges for the wings and horizonal stabilizer. The same color was used for the 'NC' number below the left wing and above the right and on the rudder. There was a diamond with double streak motif originating just aft of the nose-cone seam and aligned with the cowling seam and tapering with a double stripe aft to a point halfway between the horizontal stabilizer and bottom fuselage tubes.
The same motif is repeated on the wheel fairings, both sides, with the front of the diamond almost touching the fairing seam.
I believe the nose-bowl grills were polished aluminium.
There may or may not be a contrasting color leading edge color on the vertical stabilizer. The above image has a good view of the wing leading edges.
Also there is a taylorcraft logo that is painted on the tail fin.
I do not know the height of the letters or the style that is correct for the manufacture date of NC23638. Four logo styles are given in the next image.
Numbered 1 to 4 top to bottom I believe that nos 1 or 4 have the greatest probability of being correct, and from the dates on advertising literature evidence it seems that #4 might be most correct. Logo #4 has a right and left side image.
That is all I know about it. Please e-mail any corrections or amplifications to taylorcraft@mail.candlish.net