RE: covering...
rsCVN-71,
5 hours may be a tab bit too long, but not by much. This is one common misconception that a lot of new people have, that they think covering is quick. Sometimes covering a plane can take weeks depending on the complexity of the covering. I can usually get a wing half done in an evening, so you're not too far off of the mark.
On the Monokote/Ultracoat issue. I've used both and as Bruce said, I prefer Monokote. I agree that Ultracote can be a little easier to apply, but once you get the hang of it Monokote is just as easy to use in my opinion. The on thing I have never been happy with is that in my experiences Ultracote doesn't hold it's "stretch" when it's in the sun. Every plane I've had with Ultracote will wrinkle up in the sun and heat (huge problem here in Oklahoma), while I've had monokote planes that are still tight even after 4 years of use. That's my experience only, so others may disagree with that. I also prefer monokote because there is a larger selection of colors to choose from.
Hope this helps
Ken