You all seem to have very relevant points on the texture sizes and they will definitely be kept in mind. The project however was for a class project with limitations. Don't hold back though! I am learning! Tri limit was 500 and textures were 1024's. I had never really thought about specifically what it would be used for. lol I will keep it in mind though.
I went back and revisited the textures on the grenade and just tweaked them slightly as everyone was saying and it helped a lot.
Asteric - I took care of the black clip, I hope it looks better.
chaosquak - I toned down the painted lighting on the ring and pin as you suggested.
crazyfingers - I took down the saturation a bit but not quite as extreme as you showed. Is it looking better?
And I thank the rest of you guys coming and taking the time to post on my thread.
I didn't realize how much traffic polycount got. Crazy! After a week this was already on page 5. I will be posting here more often.
Anyways... Here is my latest and final grenade. I have to move on to other props.
Hopefully it is an improvment. I think so :P