Hi, Gerd:
That is, indeed, a Parachute cover, but I don't leave it on while towing - I just put in on at night to keep prying eyes away (it seems to work, so far).
When underway, I remove the cover and tow it naked, although I have a clear, acrylic front "bra" that has warded off stones up to the size of a walnut or golf ball without any apparent damage or dings (those I got NOT while towing). That's been on there for 2+ years, now, and still looks both new and invisible, even up close.
Much of the front end is more-or-less protected by the pickup tow vehicle, too (it has a bed cap), and a pickup-bed tool box mounted on the front of the trailer. Still, I have a habit of trailering at 75 - 80 mph down South, slowing to 70 - 75 near the cities, (keeping up with traffic pretty much everywhere) and then 70 - 72 in the Northeast (the hills start to get me up there - wish I had a diesel!!).
Never had any trouble with stones or debris while towing (but it always seems to get filthy when going through New Jersey - why is that??) I have now towed through LOTS of rain, wind, sleet and snow and while the acrylic film certainly gets dirty, it always washes right off and has never discolored - even love bugs wash right off (for all Y'all Southerners out there). One of the best investments I've made, even though it's in the vacinity of $500 installed (and you don't want to do it yourself; let someone with experience do it).
Cory: Paint it Silver (you know you want to), but throw in some Nissan Pearlescent (it has silver, blue and gold in it) to give it a "Flash" like Pearl does under the Sun and parking lot lights. 1 coat of Pearl = a little flash, 2 coats is a little more - I wouldn't do more than three, even though it's pretty thin, translucent stuff. Then, find something whymsical to put on it to thumb your nose at the world (like the Tasmanian Devil?)- after all, with that engine and those looks, you can afford to be a bit different and mean it!
Guys and Gals: When I was a kid, a friend of my brother had a 356 that he raced occasionally (and did quite well with, in his days). He was forever tinkering with it to lighten it and give it a little more "edge". What he was forever trying to get to, but never came close to, was what I saw in that parking lot outside of DC. Cory has the quintessential 356 Outlaw racer that many of us lust for, and it is DROP DEAD GORGEOUS in its' thoughtfulness and workmanship. Finding a suitable color for it will ultimately be Cory's decision, but that will just put icing on a VERY well constructed race car that's street-drivable. I was so caught up in looking at the workmanship under the body and all of the neat things that had been done that I only noticed towards the end of our visit that it hadn't yet been painted!!
What a treat to see it in person!!!! Just wish I wasn't so tired from 12+ hours of solo driving with my faithful (and perpetually sleepy) Jack Russels that I could have gone for a (frigid) ride....Maybe in Carlisle!!
gn