I hope I can manage to write this without offending so here it goes...
I think your idea is good, but perhaps the execution needs a little more thought.
It's going to be hard to replicate to some extent the original design as the original's swoopy lines followed the lines of the car. However with a bike there aren't those features to highlight.
Secondly with the original, the design is symmetrical, however with your rendition of the design, even though you have been following the colours and stuff you have gone for a none symmetrical design which has ended up looking like camouflage or a cow.
Thirdly your design is to busy, there is just to much happening. I think perhaps you should use this design to highlight and embellish features on the frame.
For example if you look at vintage ornate lugwork for inspiration (I know this doesn't have lugs) , but you could use this design and adapt it to work in these areas, e.g. head tube junction, bb area, etc..
Perhaps trace the design from the car and print it/cut it out, then hand lay these onto parts of the frame to help visualise how the design could work. Then scale each piece for added finesse.
I didn't mean to be to critical and hope all's good with whatever you decide. Best of luck and keep us posted.
P.S. I agree with Ross about the colours...Sorry!
Might even try to get you to paint a frame like that for me.Seriously 
