Hello Small Fry, I built my first kit last winter. I was confident about the building but I found myself constantly worrying about covering.
I did some practice covering on a wing half from my old departed trainer!! If you don't have an old wing maybe someone in your club would have an old wing they would part with. I mention wing... because of the wing tip and wing bays that will be good practice for you. (Flat wood is relativly easy). My one wing half was intact so I just stripped the Monokote from the wing and went at it!!! I tried Monokote and Ultracote. I prefer Ultracote. I found both about the same for the base layer. BUT.. I found, any designs you put on with Monokote will probably give you a lot of bubble problems. At least mine did. The second layer, (design), using UC went on with a minumum of bubbles. No matter what you use always be aware of your heat. Follow heat recomendations of your covering choice. Invest in a pocket thermometer for about $5.00
http://www2.towerhobbies.com/cgi-bin...?&I=LXB352&P=7
It is a bit of a pain..... but you need to know what temperature your iron is. I made a stand for my iron. I used a scrap piece of 1/2" plywood and some heavy wire. I bent the wire in a flat "U", and inserted it UP SIDE DOWN, in a couple holes drilled in the board. I set the height of the wire so the iron will sit level with the working surface UP. Just lay the pocket thermometer on the iron. While you cut your next piece of covering...... keep an eye on the temperature, and adjust as necessary.
Good luck........lownslo