That may or may not work out too well depending on what's the problem with your original stripe.
The boot stripe on Hunter boats is dark blue gel coat which is part of the original hull construction
The forward section of my stripe was becoming quite dull, so last summer I decided to keep the boat out on the hard for a few extra days to see what could be done. I'd already seen that a few other contributors here had polished their boot stripes so why not join the party. Used a cutting compound and wool buffing pads on a Makita 9227C polisher. It took many hours of buffing with three pads on the forward section to bring it to a full shine. Maybe I could have been a little more aggressive with some #600 wet/dry but I played chicken fearing a rub through, not knowing how thick the stripe was.
Once I was finished and had the the boot stripe back to new, I got curious as to why the forward section only was so badly worn and dull. Only way to find out was to see the boat in operation and close up from a distance of a few inches away.
This was grabbed from a video I made a few days later. It shows that the bow stays in a large bow wave while the boat cruises and accounts for the wear on the forward boot stripe over the thousands of cruising hours. Rest of the stripe was usually high and dry. Obvious when you see it on film.
I did notice the red vinyl tape didn't show any signs of wear. Blue vinyl boot tape may be worth a look see as far as wear goes. I know it would certainly look much better than applied paint on a vertical surface.