I like the colour contrast with the metalic blue. Your idea of the horizontal parts leave blue and the vertical parts white sounds good. It would look good if the sides or ends could be made to fade to white and blend in with the rest of the car.
The new M3 mirrors in white would look great on the car. They are on sale at
http://store.yahoo.com/eracingzone/m3powmirwled.html at 49.00 for PT's (just a thought)[:I]