So I took the advice of others and started with something easier to help me learn texture mapping. The result was this 1024 x 512 texture and 80 polygons crate.
Here is the finished texture.
Earlier, I did a much worse paint job which I immediately scrapped (ewwww).
I followed the tutorials found in the polycount wiki to achieve the much more professional looking texture.
I also created a model with a bump map!
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how about add more tones, contrast, in the grains etc. to make it more interesting, more visual?
I actually reused one of the textures because it looked more realistic than the one I painted before it. But the whole process took me 2 hours so I decided to rest.
Here's a quick example I found
http://www.3eland.com/wp-content/uploads/2012/08/Crate_HP2.jpg