Joshua, where do you come up with these crazy idea? Have you know concept of reality? You ideas only work in a perfect universe. I hate to break it to you, but our universe isn't perfect, and never will be.
Most of the paint would burn off, but not all, even passing through an athmosphere.
It is hard to determine distance in that pic, but it has to be some distance away knowing how big that things is.
It's easy to get missled led like that. For most series, the movies and games are different universes. Wing Commander is one of those rare ones where everything fits on the same timeline.