Nice idea, paint the fan to match the valve covers/air cleaner. In reality I bet it was black, might be hard to keep clean -
The Meteor was a stretched Fairlane, a couple inches longer and a bit heavier, very slow. Actually, with a 390 HiPo it would have been a good performer but no dice.
I just did google on Mercury Meteor, lots of good info -
http://www.rdrop.com/~dano/Meteor/history.html