I have one but never liked the thing truth be told. I don't like the hook on the back. They certainly are hefty tools though.

A stripe on your blade may be pointless. Usually in the snow the blade is what sinks first anyway. That and the fact it would be constantly wearing off with use. I have used ribbons of surveyers tape in winter with good result for similar things. Not wrapped around the handle per se, but attached in the same manner as a lanyard. If the tool drops in the snow some portion of the tape is usually still visable above the surface.

If yours is like mine the blade is pure black with a plain wood handle and a big laynard hole already drilled in. I beleive some people attach a length of leather through there to wrap around the wrist when chopping.