...and they add a whole LOT of drag. [sm=bananahead.gif]
(don't ask how I know

)
As far as the covering "guidelines", that's just something to keep in mind when you plan a covering job, not necessarily "rules" per say. There's other sneaky ways to accomplish the layering so that it doesn't show through - but nothing that's easy or quick. Stick to your plan - it's a good one.
You are correct about the painted areas, paint/fuelproof where the instruction book tells you to. I'll just point out that covering(monokote at least) doesn't stick to epoxy or most paints without a little "help". If you cover first, you can scuff the areas where the fuelproofing will overlap with the covering(with a green scrubby pad or very fine sandpaper), then paint and/or epoxy will stick to the covering where it overlaps, as well as seal the edges.
Just a couple of tidbits to think over, everyone has thier own favorite methods - not really sure there's much difference anyway.