Well, it's used more like Mylar film, it's already airtight without dope. I only brush a coat or two of well diluted dope, followed by light sanding with 2000 paper in free flight wings to slightly improve surface quality when necessary. But in CL I would start directly with a good 2-component sanding sealer.
You will have to spread some thermoactivated glue to the structures. In FF all is made of carbon, and I use 1:1 diluted contact cement. I brush 2-3 coats, let dry well and then iron the Icarex on. With wood structure, I think it would be good to seal the balsa first with some dope, to stop the wood from absorbing the glue. Also products like Solarlock work as adhesive.
Icarex shrinks very well but I still make sure it's well flat before heat-shrinking, to avoid sagging.
Personally I would only cover the open areas with Icarex, with about 5mm extra on perimeter. The rest, D-box and tip blocks with glassfiber, carbon veil or paper.
When done right, it weights about same as any other typical covering, but is much, much stronger. L