I think refraction will be the least of your worries.
I used the following faux bling in some castings. It's a resin affixed to an adhesive backing.
The thickness of the "bling" is about 0.07", so doubling it added 0.14" onto the diameter of the Sierra tube.
I used HVAC foil, painted with Testor's model paint, and cast in PR to make these:
Here's a closer look at the blue version:
I chose to use the Sierra Vista component, hoping that I could keep a nice barrel shape without cutting into the resin bling.
Fail:
I figured that I would try again, thinking that if I tried keeping the barrel a little larger, I would have success
Fail:
You can see where the resin bling is starting to peek through.
Unless you choose an overly large barrel, you'll likely run into the same problem. This could result in a heavy pen that might not appeal to those that like bling-y pens. Furthermore, the thinness of the PR covering the bling will be fragile and likely crack. I was able to push the pin into the bling and wreck the blank without much effort.
My experience has convinced me to abandon this idea, but you might have better luck.