I would think it better if each squad could have its own paint scheme.
1) Make it an OPTION in setup to display non-default paint schemes or not (so that low end systems dont hog down).
2)any squad with 10 or more members can APPLY to get one. Logically, once the camo is submitted it would be up to HTC to decide yea or nay.
We already save everyone's squad nose art, which is in no way noticable at all during a fight. Imo, a complete plane paintjob would be better than the nose art to give the squads their unique "signature" in the sky.