I have seen permit aircraft imported from the USA which have been wrapped. It adds a significant amount of weight to entirely cover an aircraft. On a certified aircraft I would imagine that this would not be allowed, and neither would I recommend a full wrap on a permit aircraft.
Stripping down allows for a thorough inspection of the structure, rivets, overlaps etc. Wrapping hides any issues, and makes it harder to see any new issues that may be developing. In certain circumstances it could actually encourage problems, for example by trapping water.
Vinyl is better used as a trim / detail, for example to add the aircraft registration and some detailing down the fuselage.