Well a palomino is chestnut with cream. So they will be pretty uniform in color, with a white mane/tail.
Silver bay is bay with the silver gene. Silver lightens black based coats, has no effect on red based. It often, but not always, lightens the mane/tail, sometimes just a little, sometimes to white. Silver bays still have a bayish tone to their bodies often (some look chestnut though). Their legs are a chocolatey color. When shaved they will be greyish, often with dapples. A palomino shaved would just get lighter, maybe even whitish looking. Silver bays are often born looking chestnut.