Got my set today.
Grey Friday is MUCH more opaque than EL Gunmetal. If you are looking for just a sheer veil, Gunmetal will be a much better bet, if you can get used to that EL fig scent (I kind of hate it, it's so strong). Gunmetal is also a lot more glossy than Grey Friday, which is about the same glossiness as a Satin - it's definitely a frost, but not very obviously metallic.
My red lips definitely come through with Grey Friday, but not so much that a second coat pretty much deals with it. I think just outlining the lips lightly in a nude pencil would be plenty to keep it reading grey, since the color mostly peeks through around the edges of the lips where there's volume. For my skin color (NC15), I'd say it will look best with a very even foundation application. This isn't one you can do the raw look with, at least if you don't have a very cool toned complexion. For comparison, I wear Black Knight without foundation sometimes, but this one, I'm going to say no. I think it'll be a great look with some strong black, grey or navy blue eye looks.
I haven't sampled the polish yet, but it's definitely that new sand/suede texture - it looks great in the bottle. I'll be doing a manicure with it as soon as my current one starts going to hell. China Glaze is going to be doing a whole collection in this texture, but only with spring/summer colors, so Grey Friday is definitely more sophisticated.