I'm using UltraCote to cover my TF Piper Arrow. It's not perfect but if you ask me it looks pretty darn good. I've been very pleased with the UltraCote so far. I've never used Monokote so I can't say if it is any good or not. I hope to post some pictures of my Arrow soon. This was my first cover job/build and all I can say is take your time. I'm pretty happy with the covering.
Good Luck
chopper man