I have a sheepskin backed strap on my 4/4. The car has the reduced louvres, so the strap sits forward of them, on a plain section of the bonnet.
Bud
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2003 - 4/4
Oh no your one of the lesser louvre crowd.

I also have a sheepskin backed strap but on a full set of louvres.

Doesn't seem to cause any paint problems yet. Just need to watch the buckle when you undo it to open the bonnet.
I think it adds a touch of sophistication to the car that it needs when I am behind the wheel.