Hi Alien. Yes I tend to use layering for everything.. this model is from many the last one I made before Umran Kal and is where I saw real improvements in my layering tech (glazing?).
Far from being perfect of course but I saw a big step ahead in my tech and this can be seen not only in the NMM but in the skin tones as well merging light blue into violet and grey highlights/shadow (in the pic this is not so evident in the real model is more).
About NMM Steel... I hope to write a follow up to my \"NMM Bronze and you\" article in the meantime here is how I did it on the clone (GW colors)
- Basecoat of Space Wolves Grey
- Shaded with Black Wash + Blue Wash (not much blue but it helps to achieve the \"steel\" finish). This mix is very very watery. You asked how much I thin down colors... well just imagine I use colored water

Also while you are glazing that way, the mix tends to dry since you have to do many passages and when it dryes it writes more giving a darker look. At that point you will already be shading more toward the recesses. Just add more Black Wash to increase consistency faster balancing the tons of water you added at start (when you have to shade more).
Highlights where done simply with Space Wolves Grey (always very watery), then SWG + white and then pure white.
EDIT: one last note... if you want to keep those NMM parts a bit shiny just do those steps. If you want to have them matte, just add a drop of acrylic matte medium (you can buy at paint store).
I like the shiny natural effecto on NMM achieved with glazing btw.
Hope this helps... actually I would shade up to spacewolves grey and leave pure white only for sharp edges and tend to keep the NMM a bit darker.