Great information guys. That seems to be the majority opinion on Monokote. Ultracoat seems like a more viable solution along with the technique written above. Gray Beard excellent job on the rebuild, and wingtip. I would never know you touched it. Honestly after doing some research on Oracover which I know is Ultracoat in the states it seems to be a more well engineered covering. They didn't make it with the color integrated in the glue layer, so removing, or repositioning is possible without covering, or model damage.
The model I'm working on is a plane popular in the 80-mid 90's. A Rick Stick Cmodel edition, which I removed the included engine which was a Tiger Shark .46, and installed a Rossi .45 black head. The only reason I went with MonoKote was that's what was used on the model when I found her at my hobby shop. She was showing the typical signs of her coverings age of wrinkles, and lifting in certain areas. I just wanted to touch her up, but didn't realize recovering with TF MonoKote would be so difficult. I can't see literally any shrink take place when heated. I was thinking it was simply my lack of skill, but after doing a little research found that apparently it's an epidemic with it. I won't debate which covering is better, cause I haven't used UltraCoat yet, but looking at Oracover's website, and how they provide a temperature to tack then another to shrink simply is pure logic.
I also couldn't believe the amount of covering color choices they have, and even exact color matched paint! I look forward to trying it, and posting my results.
Gray Beard clarified what I thought about no special tricks are required with it once the proper covering is used.