Hi amateurmodelbuilder that looks like a good first project. Look at some of the build logs on MSW for solid hull model ships. There are many to choose from but off the top of my head a recommend Clipper Ship Red Jacket by John Ruy. His build log will give you a good idea of what is involved in building a solid hull kit. When you begin building your model, start a build log and include some photographs of your progress. You don't have to write a novel; just enough to describe what you are doing. This is also a good time to ask questions. You will ALWAYS get a response with positive comments and suggestions.
Now, for your question about painting.
In my opinion, surface preparation is the key to a good final painted finish. Also, don't feel like you have to paint he whole model after you've built it. You will get better results if you paint sub-assemblies before you install them on the model. For example: 1. paint the cabins, hatches and deck furniture before installing them on the deck. 2. Paint the bulwarks and waterways before planking the deck, etc.
Surface preparation: Surface preparation is the key to a good final finish. Take your time. Sand the hull down to 220 grit. Some modelers may even go further to 280 or 320 grit. Shellac is a good sealer. It comes in spray cans, premixed brush on and flakes that you can make your own. I've even used spray can automotive primer with good results. I've found the primer fills in tiny scratches or small imperfections. If needed, (if your sanding exposed bare wood) add another light mist coat of primer. You can use #0000 steel wool for this step. As mentioned earlier by Dr. PR, steel wool can leave steel particles. You can also use sanding pads "Scotch Brite" that you can find in the paint/finishing department of any well stocked hardware store.
Painting: Your model can be painted by either spray painting or brush painting. I prefer brush painting with acrylic paints. That's just my choice.
Spray painting: Unless you already have the equipment, don't go out and purchase an airbrush and compressor at this stage. You don't need it. Spray painting can be accomplished with "rattle can" paint that you can get at the hardware store or hobby shop. Try to use "rattle can" paint formulated specifically for modeling. Good model paint brands are Tamiya, and Mr. Color. These are lacquer based, dry quickly and are less likely to run. However, the fumes are bothersome, especially to other family members in the house. You can also use hardware store spray paints like Krylon or Rustoleum. Be careful, these are thicker and tend to build up faster which can cause runs..
Brush painting: This is my preferred method using acrylic paints. The downside is that it takes longer with more care. The upside is that I can paint my models in the house without the stink or noisy compressor. The key to a good brushed finish is high quality paint and high quality brushes. I prefer Tamiya and Mission Models acrylic bottled paints. I find the pigment for these is ground finer than other brands. On occasion, I've also used artist's acrylics in a tube, such as Windsor & Newton. I thin them with 91% isopropyl alcohol in a small plastic condiment container with a plastic snap on lid. (like the ones you can get at your local drive-thru). The mixed paint is usable for several days so you don't have to do all of the painting in one session if you mixed a custom color. For brushes, stay away from the bargain brushes from who knows where. You will most likely be disappointed and the bristles occasionally fall out and stick in your paint job. Get the best quality brushes you can afford. I prefer natural hair brushes although there are some synthetic bristle brushes that are reasonably good as well. With proper care, natural hair brushes can last for years. For starters, you can get by with a1/2" or 1/4" flat brush for large areas and a flat 1/8" brush for smaller areas. You will also need a couple of small round brushes for detail painting.
I apologize for this long response. I didn't intend to make this a treatise and kind of got carried away. Hopefully, there are some tidbits here that you can use.
Oh, and by the way, WELCOME TO MODEL SHIP WORLD.