Definitely a 'Pink Mohawk' level party favor. Useful, though. Group of Corp-Sec? Punt the Mage down the hall to run them over. As a Drone, with retractable spikes, it'd be a pretty nasty surprise. I'm pretty sure that Daleks are best suited to Drones.
Talking physics, I don't think any amount of AR-Spray will let you pull a 'chameleon'. No amount of sensors and AR can account for the simple physics of "It's a ball"
Images just can't twist that way. Not even with MilSpec Hologram tech and top-rating sensors, computed by an A.I.
And, with just AR spray, anyone who has their view set to 'normal' instead of AR will see right through it.
Hey, wait. A SURGE-ed Mage with Compound Eyes already has the theoretical capacity to see pretty far around themselves. What if their eyeballs were surgically taken apart, placed, through adhesive, up to different Magesight Goggles poking through a Rigger Cocoon, with the biological connection to the brain cloned, stretched, and sprayed with a frequent nutrient mist? It might have a 'gap' or two, but it's theoretically doable.
Of course, the lucky Subject Zero of such an effort would be an Azzie corporate citizen.