ORIGINAL: ace1991
Thanks for your input Badsplice,I'm a little nervous about pulling the covering off, Because I've heard that the clear will peel off leaving the color on the plane and that would be the hard part to remove.
If that happens, take your heat gun and hold it over the color. Then use a #11 blade or other sharp tool to scrape it off. It comes off VERY easily. Also, if you heat the monokote as you peel it back, you will have it come off easier and in bigger chuncks.
After all of the monokote is off, I would resand the airframe. Start with 150 grit and work your way to 400 grit. When you peel off the monokote, some wood fibers will come up with it. The difference between a good covering job and a great one is sandpaper.
As for a Mt Dew scheme, anything is possible. I would do the stripes and solids in monokote (OK, i would use Ultrakote, but that is personal preference) and then get with a graphics guy like Dennis Kirby (Kirby's Kustom Graphics) to do the lettering.
Good Luck and be sure to post pics!