It's not the best material, because 1/16" copper isn't the strongest of metals, especially when annealed. But it takes paint slightly better than brass, and it won't rust!
It will dent or distort very easily, though; if you're forever loading it and unloading it into a small car to run it at a local track every week, then it may well get rather doleful and sad quite quickly – especially if somebody else helpfully grabs the chimney to move it and you get a Leaning Tower of Pisa effect…
But there's no real reason that you shouldn't use it. Good luck with it!