And it really is very good solution. Gives the model some stiffness and if you use different colours, you don't have to paint it.
I don't have modellers covering iron, but use standard iron that every house has. Just be sure to set it to synthetic, which is approximate temperature good for covering depron and balsa parts.
But I suggest you to test first on some scrap piece of foam. Temperature too high will melt depron and foam and shrink covering film too much.
Usually I cover only control surfaces with covering film, and sometimes whole airplane.
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