I might be interested in hearing any replies to this, as I'm also looking to see if someone is able to create a new skin for the Arrow III based on G-BMIV (The Flying Reporter).

I've had a go myself using one of the other liveries, and editing the object file via Photoshop, but it's not as good as the ones the aircraft comes with.

I'm sure the makers of the aircraft would have a better method of doing this (or users with better software).

Any helpful ideas?