if it was me, I'd PAINT IT to look like the police tape,...it's just yellow with black block letters

you could even get some computer cut masking so the lettering would look correct.

but don't try and decoupage' with that caution tape because as everyone said, with only the polyethylene tape to stick to(if it even WILL stick to the polyethylene?), and the soft rather thick tape below, the clearcoat would be VERY easily damaged, or if you managed to get the coating thick enough to withstand the abuse, it would end up adding a bunch of weight.

any decent airbrush artist, with a couple of straight edge stencils, and some lettering masks could easily reproduce that, thats the way I'd go about it.