Aluminum heat shrink covering should not have any effect on the radio.
One of the best products out there for doing what I think you are after is called Flite Metal. It is a really soft maleable aluminum with a very aggressive adhesive already applied. This stuff may be hard to get hold of and will be somewhat pricy but will go on around compound curves pretty easily. I have an F-86 covered with Flite Metal and it does not affect my radio performance. I use Futaba. I have seen other popular brands have some difficulty getting adequate range check requiring experimentation with location of antennae.
Alternatively, Bob Violet Models provides a paint system that will provide superior results if you are willing to put forth the effort required. Again, this product is pretty spendy.