I'm not quite sure what sort of mylar you are referring to, but I assume you mean a plastic film that is applied and shrunk with a hot iron. I've used the silver SoLite film to great effect on two planes build for electric RC flight and see no reason why they wouldn't work for static models. The only issue is that the SoLight is so light that it is a little transparent when the model is back lit. But be careful not to use Monokote and other films for large planes as the smaller P-38 frame may not be able to handle the forces involved.
Thanks for the post Mr. Parker, some pretty neat stuff although a tad spendy,but you get what you pay for, the riveting detail sure ads that realistic touch.
I started this project last winter, but lost focus on it and never finished. i still have it, but i think i can do a better job starting over, using what i learned from the last one to aid my efforts.