Let me think. I would like his fur to be red. I want his eyes to be bright green. About his armor, I'm thinking gold and bronze, something like that. I think his shield should be a darker color than the rest of the palette. I'm kind of thinking about those bronze age warriors; strong materials, but kind of spartan in appearance. I think his loincloth should be either black or dark brown. I think the buckle on his belt should be either gold or dark bronze, and material of the belt should black. Make his body fur a much lighter red than his mane of hair. Concerning the sword, I think it should be a dull blue. It kind of gives it an enchanted element this way, yet still retains that ancient feel that I like. The handle of the sword should probably be a dull dark color; something like faded black. I want the hair at the end of his tail to be the same color as his mane. His claws should be black, and the straps on his shield should be a more elaborate color than the shield itself, something like bronze.
At least, that's the way I envision it. You can take creative liberties with this if you want, but I'm sure I want his fur to be red, his mane to be a darker red, his eyes bright green; the rest about the armor, that's more like the vibe I get from this piece. I think gold and bronze and dark brown would really go well with this attire.