It's a specular shading issue. The material was made for the M&B 1.011 version of the iron shader. In Warband the shininess isn't modulated (multiplied) by the diffuse texture.

This is also present in many other surfaces, but it isn't as obvious.
The Jabba palace comes to mind.

I guess I can tweak the pixel shaders. But with the pile of gameplay bugs I wasn't too worried about eye candy.

So at this point will you just be polishing up what is already here or adding new things?

You need a stable base before adding anything on top.