In both the 1987 series and the Archie Comics continuity, the Turtle Blimp was constructed by Donatello using various materials in Baxter Stockmans rooftop lab and apartment. It was used in the climactic battle of the initial mini-series opening with Krang.
Since then it has been a notable tool in the Turtles arsenal, particularly for transport and aerial battles.
According to his action figure the Turtles hired Ace Duck to pilot their Turtle Blimp.
The Turtle Blimp seems to have several advances thanks to the brains of its constructor with only minimal weapons at its disposal for obvious reasons.
In the way of propulsion the blimp has two massive turbines in the front wing and a single stabilizer fan in the rear fin. Looking on the actual blimp itself several other theoretical methods of propulsion are seen, particularly on the toy, however it is debatable as to whether these are decorative or otherwise functional.
While as a zeppelin it is slow and cumbersome, the main body can detach for use as a glider which is capable of acrobatic agility and speeds. What is more amazing however, is that this glider can re-attach itself after separation in mid-air.
Finally, the Turtle Blimp has two main weapons at its disposal, cluster bombs, and a laser-type weapon on the front of the glider body. As with all of the Blimps functions these are all controlled by a simple main panel within the pilot seat.
Logoless design from episode 47 (Blast from the Past, episode 29 of season 3) flashback: