I would suggest against it. I think your biggest issue would be the application. Imagine covering a fuse with two sheets of Ultracote. I wouldn't want to do it. I would imagine the airplane would gain a pound or so. IMO most 50cc airplanes come out at 17 to 18 lbs so a pound would be huge. My 50cc airplane is just a tad over 15 lbs and I love the way it flies. 16 pounds would certanitly be a reasonable weight for 50cc but I know it would not fly as well. If you want to do a cool Red Bull color scheme, I would suggest stripping all the covering and recover in the base colors and do all the graphics in vinyl.