I used electrical tape, and think it looks pretty goood, even if a little oddly matte. It's a pretty obvious cover-up job though. I was thinking about redoing it with bands of different colors going around the tube (instead of in the direction of the tubing - does that make sense?), just to make it clear that I'm not trying to fooling anyone

Left the seat-tube decal un-covered, and the badge is proud as ever.