It is possible I guess. The only thing is what would you take it off with?? Once it dries I don't think it would peel off.
I say this because you can use it to fill gaps and if you paint over it with enamels the thinner in the paint won't budge it once it dries. The only way I have seen this stuff come off is if you scrape it off with a knife or sand it and even then it it tough to get it all off.
Your best bet is to dip the parts in Future/ Kleer. Mask it off with a low tack tape( Scotch tape ) or a frisket. Then take the future and with a paintbrush paint some future over the edges of the tape. This will prevent the paint from bleeding under the mask onto the canopy. Once the future is dry. Paint your frames whatever color you want. then peel the tape off. Any residue left behind can be gotten up with Isopropyl Alchohol. The future will protect the canopy from clouding. then whola your done..

Hope this helps

Paul

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Canopy Tips