Co-worker of mine did this to a customers rifle. It looks pretty good in person, and he's thinking of offering it commercially by word-of-mouth here in Austin.
Looks good. Hand tearing tape and painting over it. I put camo on my Stevens by applying a vinyl rain poncho in Realtree hard woods and using spray adhesive to make it stick. It looks a lot better than a Mossy ATR. Then I did my Bushy and my Mav 88. They all match. It's basically what the manufactors do.