Being a completist, I picked up both versions of Falcon's action figure when they came out in Marvel Legends.  The "classic" version matched up pretty well with the comic book he came with, but the "modern" variant wasn't a costume I had seen before. 

Since I was an X-Men fan first, I hadn't seen much of Falcon until his appearances in Brubaker's Captain America and Marvel's Civil War.  I liked the costume update quite a bit, and decided to convert the variant figure to match it.

I started the custom with the standard GN shoulder fix - the up / down lat feature is arguably best used with a flying character, but I still don't like how it looks with the shoulders extended out so far.

While I had the shoulders disassembled (that's not an Avenger's joke), I sprayed them with white vinyl dye.  I'm not sure if it's the brand I got, but I had trouble getting good coverage on the shoulders and had to supplement it with paint.  There's still some rub in the shoulder discs.

I removed the costume seams that work for the classic figure but were out of place on the variant, and touched up the dremeled areas with Apoxie Sculpt.  For good measure, I sculpted the "V" portion of his belt. 

The head took a little more work.  I started by removing the outer "wings" of the Falcon insignia on Sam's forehead and resculpted with the modern look.  The modern mask has a different shape, and the original edges are etched in - I didn't do a great job of filling in those lines, so at some point they'll have to be revisited.  I lightened the skin tone a bit when I repainted, and added the goatee.  The insignia is silver, covered with Tamiya clear yellow.

The rest of the upper half of the figure was repainted - from the hips down it's untouched.  I debated red versus gold on the wrist bands.  They were red during his appearances in Cap, but have been gold in Civil War.  I opted for gold to break up the red.

I wanted to match some of the shading that appears on the lower half of the figure.  So on top of the red, I added some Tamiya smoke.  It dries somewhat glossy, but Dullcote fixed that.  RoboKillah suggested adding some shading to the white portions of the costume, so I added some light tan in the same manner.  I think the shading would have worked better with an airbrush, but I still haven't plunked down the cash for one yet.