Mark,
If painted properly I can not see the paint weighing over 2 grams a sq ft worst case, so I would tend to agree that koverall is lighter than Monokote. so ok it is not half but rather 60% of the weight it is still lighter and the painted finish will look better. The veil I am using is .2 oz per Sq. yard (9 Sq feet) so that means that the carbon fiber veil is roughly .6 grams per Sq ft so a painted surface using that as a base should weigh less than 3 grams per ft that should make the total weight of finish of my airplane come in at less than 54 grams (less that 2 oz total for the airframe). The total weight of my finish should come in at a bit less than 1 Sq yard of monokote, and have a lot nicer more durable finish.

Thanks for the update on the material weights, I feel a lot better about going this route now...