Looks interestring. Once upon a time, quite a few manufacturers offered kits with pots of paint and glue, mainly as a 'starter pack' for kids, as your kit is. In fact, one or two comapnies still do this. Generally, the best thing to do with the paints is give them to the kids to paint pictures with, as they tend not to be particularly good quality, compared to what we are accustomed to.
From what I can see of the kit itself, it looks quite good - should turn out well.