RE: Monokote
This technique is possible but it will be a bit more tedious. Of course it will work best if the covering is over sheeted areas. I would stay away from open wing bays, etc. with this technique. It would probably work fine on a stripe down the side of the fuselage if there are not any large holes to be covered which is often the case. I would suggest giving the Windex technique first. After seeing how easy it is you may decide against cutting out any existing covering.