Yes, I did one of those schemes on my old Gladiator thread but I didn't like that much masking! (Lazy in my old age, I reckon.)
Your rigging will be a little bit of a challenge as Gloster used airfoil shaped flying wires for the diagonal bracing. You might recall that I painted thin strips of styrene to replicate them but I don't really think that was the best answer. Too bad someone doesn't produce ultra-small airfoil rigging for 1/48!