Howdy Jim,
I have a 1:48th scale B-17 that I have been meaning to start work on but, like everyone else, I cant ever seem to find the time to start on. I also like the look of the bare"aluminum skin" of the old flying fortress, however, instead of foil, I would suggest using Alcad paint providing that you have an airbrush and a little time.
Alcad paint specializes in bare metal colors such as chrome, Aluminum, steel and several other colors of metal.
What makes alcad different from other "metal finish" paints is the results you get. By using a gloss black base coat then spraying the model with the metal color of your choice you can achieve results that will shine so well, you can almost count your moustache hairs in the reflexion of the paint.
You can see my model of the T-33 shooting star jet interceptor done in alcad paint here: http://www.scale-models.co.uk/aircraft-pictures/4454-lockheed-t-33a-shooting-star.html
And a cheaper alternitive can also provide excellant results using the same principals when painting. First for a bare metal finish you want the aircraft to be as smooth as possible (with the exception of panel lines and rivets etc..), I achieve this by a couple of techniques, a clear gloss coat, then a gloss black coat then the metal color. the gloss coats act as a primer, smoothing out any imperfections in the model, the black also allows the metal color to really "stand out" (same principal as Alcad uses). Then I vary the shade of the metal color and paint individual panels with the 'off shades" of the metal. You can see an example of this on my Mig-21 here: http://www.scale-models.co.uk/aircraft-pictures/5128-mig-21-p-f-fishbed-nva.html
Now as for your original question about foil, I have yet to use the stuff....and it does look nice, but i believe that attempting to cover such a large aircraft with foil would be a major chore, but, thats just my thoughts on the matter. I have seen foil used on the bumpers and chrome parts of model cars and it does well for small areas, I just dont believe that would attempt anything so big as a flying fortress with foil.
I hope this has been of some help or inspiration to you, have a good day,
greg aka GEEDUBBYA (GW)