I like what we have, but could be a hair bigger. I have grim reaper Homer Simpson 
That's the other thing: Where would you put it, and how big do you make it?
For example, I think the squad art we have now is primarily located where the squadron insignia was typically located on the aircraft (case in point, US Navy/Marine fighters tended to put squadron markings as a medallion or logo just forward of the cockpit on the starboard side of the fuselage, which is where it displays in game. VF-17 was unusual with the placement of the jolly roger on the cowl).
Some aircraft also had multiple places artwork was displayed. IE, P-38s would place art not just on the nose section, but would also have artwork applied to each engine cowling. Corsairs would generally have art on the cowl, but would also use the forward fuselage, or frequently the tail (particularly VF-17, since the cowl was used for the squadron insignia, but see also my "Vargas Cowgirl" skin).