LOL, my first thought was "He's going to race with THAT on his head?"
Nah, I think the helmet would probably be OK as it is, I've just seen a lot of messages on here asking the same question and people just say to be careful because some scrutineers might want to peel the wrap off and see what damage you might be hiding underneath. I take it you're trying something bigger than karts?
You've seen my helmet stripes...A simple paint job is £300-£350, I saved myself £343.50 by buying them from an art shop