To me, this is akin to chaining yourself to a tree in a public park to protest its removal or to a fixture in a courthouse or city hall or placing posters or drawing with chalk in such locations. This statue is about as permanent a fixture or modification as that would be.
https://www.aclu.org/free-speech/know-your-rights-demonstrat...
It has been argued before http://www.nyulawreview.org/sites/default/files/pdf/NYULawRe...
If there's a case to be made protecting graffiti on private property I would say there is a case for protecting graffiti on public property if it is the public's will to do so http://repository.law.umich.edu/cgi/viewcontent.cgi?article=...
EDIT: o_o