You can leave the badges on, just spray over the whole thing and take the dip off where you dont want it. Comes off pretty easy once you rub it.
Wrapping isn't expensive at all, paint comes in cans which aren't that expensive. ( dont know how much it costs in other countries )
I plasti dipped the wheels of my old sr500 about a year ago and it still holds. Its just important to do a lot of layers and dont spray too much at one time. I think its easy to apply, as long as you clean your tank before you apply it, give it time to dry a little between the layers and spray from a good distance ( So there's no drops on the paint ), there's a few tutorials on youtube.