hi,
nice score by the way. clean the WHOLE plane well with rubbing alcohol and paper towels to remove all oil residue. ( THIS WAY YOU DON'T GET YOUR HANDs OILLY WHILE MAKING THE REPAIRS) small holes or splits can be repaired with a little clear mono coat or the same color as is being repaired. larger areas or areas with underlying damage need cut away with a fresh sharp exacto blade to an area such as a rib or wood that can hold the newly made edges such as spars sheeting edges etc.
avoid "mid air" covering seams. sometimes i cut the old away so that a little 1/4" or so is left to fold over the wood to avoid it shrinking away when heat is applied to the new monokote. there is a super monokote "how to" on this site somewhere.

be sure your finding ALL the damaged areas under the covering. go over all repaired monokote seams a second time with a slight hotter iron...monokote turns slightly darker when hot. you may NOT want the iron that hot when first appying the patches. i even wash my hands prior to applying new covering especially if i've been handling an oilly plane.
good luck