To do that would be very expensive. To be done properly would involve wet flating the whole car, masking and painting the graphics, airbrushing the shadows and laquer/polish the whole car. If you wanted there to be no lump where the edge of the graphics were painted, the laquer would also have to be flatted and reaplied until they were at the same level. (time consuming, lots of materials)
And don't forget, this is assuming that your base red is good enough to paint on once the vinyls are removed.
This would however, be Ultra Cool and i strongly advise you to go ahead with it.
There are quicker methods to give the same visual effect, but they're shit and wont last.
To give you an idea, this job on this Harley tank is the same process, and cost the customer about £350