I think the term "FIA stripes" used to go across both fenders and the hood, whereas "team" stripes were used just on the left fender for easy identification by pit crews for multi-car teams, withj cars the same color.
I have seen both ways done on Cobra's and either way, I like them. Color is your choice, based on a good contrast with body color, although I know yellow is often used to designate a "rookie" driver..
