Generally the FlyZone micros' stock decals are peel-n-stick. These would pull the paint off the foam as you peel them but they can be removed. They won't re-stick without applying some sort of adhesive so if you peel them consider it as not being reversible.
Any repaint you do will come out heavier than the factory paint + decals. How much heavier might be important with this small of a model.