Brian I also thought about going down this route. The material is certainly durable enough, I have been involved in applying registrations to light aircraft which go considerably faster and the stuff never came off.
There are a few technical challenges to working on the frame.
Firstly how do you handle the seat stem clamp which is a larger diameter. A less than perfect bond in the step area wouldnt be good in the long run. It may be possible to wrap this around as a single piece or just paint this item.
The seat post has a double taper so unless you have a 3d CAD program the peaks are probable addressed as separately.
On the head stock the film would need go inside the end cup.
I have no doubt it would all look good from 5 feet away. Of course as its all none original you could just do some different fancy designs to avoid the tricky areas, pimp your ride!
If you or others have never applied film the trick is to wet the area you are going to apply the film to with water containing a few drops of washing up liquid. This allows you to slide and position it more easily and prevents air bubbles. When happy with the position simply squeeze the water out from below using the edge of a credit card or similar working from the centre outward. Be sure to then leave for a day or two to dry. This technique may sound odd but its what some professionals do and its worked well for me.