On original guns that I have seen the stripes are fuzzy and you can identify that they are applied. It is part of the charm of original Lemans. If you want sharp crisp stripes use curly maple. Applied stripes are a way to make ordinary looking maple look like extraordinary maple. It worked good enough for Henry to fool the Natives.
What experience I have is that whatver you put on the bare wood will bleed, ink, die, whatever. Well, I s'pose paint wouldn't bleed but that would look horrible. My thoughts: anyone using the technique shoud do it to mimic the somewhat fuzzy stripes, not to try to create curly out of ordinary.