It should work OK, as it's basically the same stuff as supplied, in small sheets, as 'Bare Metal Foil'.
The only thing I'd say against it is, that overall, it might be too shiny for a realistic-looking B-17. However, used in conjunction with various tones of metallic paints, it should look good. The relatively new range of paints from AK Interactive look to be great for obtaining a realistic NMF, with various tones and degrees of 'shine' available.
Some of the members here use the tape for the exposed oleo legs on landing gear.