Ty,
When my dad bought Hans Pearson's original Pegasus, it had been built and covered with the exact method you describe. So, I guess that way of doing the finish isn't so new since that was July 1955. The plane was built in 1954.
If you want to see a picture of a pegasus, look in West Coast Model News during the late 50's up to the mid 60's
The co-designer Bob Raffel won just about every WAM contest he entered.
Jim Pollock