Vinyl rocks
It can be done, and has been done. Whether or not it's compatible with lots of flying thru rain I can't say, but there are definite benefits. Vinzer seems to like it and so do I. Mine doesn't have the belly adhesion problems mentioned. I did paint my cowl and wheel pants due to the tight curves and potential heat issues.
There are drawbacks, but overall I think it was a good choice that should last for 5+ years (mine lives in a hangar, 2 years old and 275 hours).
Pros: Light, cheap ($1500), very slippery, repairable, do it yourself with no solvents. Most people think it's painted.
Cons: Less durable (especially on sharp edges, tape is the gouge), probably mostly a DIY project unless you can talk a car shop into coming out
It helped get my plane in the air in an 2 extra weeks vice ??? months/years for paint at the end of Covid.
Someday it will go to the paint shop, but until then I'm spending my savings on gas!
Cheers