If it were a sport model, I would agree. However, a Tiger Moth just would not look right, IMHO, covered in a plastic film. While I do agree that it would be far easier, and the results would look better as well, to rip off the silk and refinish, I would seriously consider using either one of the "tex" fabrics or even Sig Koverall. Note that while Monokote does not crack with age, it most certainly does become brittle after just a couple of years.

just my .02,
John