I am familiar with reflective tapes. They are widely used in industry and in such marine applications as marker identification and on life jackets.
I am also familar with the use of vinyl tape vs painted stripes. Vinyl tape for uses such as cove stripes and graphics has better color retention than most amateur appliable
paint materials. They are also easier to apply and get a professional looking result. Once vinyl tape fails it is a real mess and harder to reapply.
As to reflective tape, I think it is a good idea. If it basically looked white (my boat is dark blue)in daylight I would probably consider it for a cove stripe. Although my boat lives at a dock, the increased visibility is not a bad idea.
From a marketing standpoint, few sailboats today have covestripes or the kind of hull graphics popularized in the 1980''s. Even when a boat is kept in a mooring field the reflective tape won''t help much without a light source. If they are red and green you also have COLREG issues of being mistaken for running
lights.
Jeff