Yes, you can use the Monokote. The main drawback will be mis-matched colors.

I'd first clean the area to be patched very, very well with denatured alcohol or similar. Then cut the monokote patch, spray the area surrounding the hole with Windex (old school stuff with ammonia) then carefully lay down the patch. Let it dry overnight then seal down the edges with an iron. finally use the iron or heat gun to shrink it. Yes, they two coverings shrink at different temperatures but it can still be done if you "sneak up" on the temp and don't make it any hotter than necessary. I know because I've done it.

Another option is tape like you mentioned or find a nice decal or sticker.