I left the hood as it was. In fact, if you look at my blog in my signature, I did a write-up on that car very recently with a couple of pics. The hood seems too wide at the front, and it would require a skilled modeller to reshape it to make it fit better (that's why mine is still box stock!)
As for the stripes, I would be tempted to try the paint masking first. If you're not happy with the result, you can always overspray it with body colour and use the decals anyway. The decals will look a bit dark when they are applied over the blue body colour, I expect, which is why I'd try masking the stripes and using nice white paint, plus decals can get tiny bubbles in them which WILL be bright white! You could even spray the white stripes onto the body colour afterwards, I did this with my Roadrunner using white Humbrol enamel aerosol and it is pretty good (apart from my masking, which was hopeless). I have linked an image below, having trouble with pics at the moment. http://s7.postimage....sr/rrunner1.jpg
Good luck with the Vette, and the exams 