I really think the full lycra hood is your best bet. I feel that the hood/mask combo will look tacky.
Make sure to paint (with fabric paint) on the lycra when its stretched around your head or else you'll definitely be running into some problems.
Also, you don't have to paint directly over your eyes, you can get crafty and paint around your line of vision. It looks like it would be easy to do with this character because the eyes seem curved and could be painted to completely avoid your pupils.