Yeah, I'll have overhang on both sides. But the 1/8" lexan on top should take care of the overhang on the top. At least I hope. 
Those measurements seem good to me.
As for conact paper, it shouldn't bubble under the plexi. I had mine under plexi for 6 months and nothing happenned despite the abuse it took.
I wrapped the stuff up underneath my CP, but that was for a metal control panel so there was no t-molding around the edges to consider. You'll probably want to wrap it down 1/4" to the line where you install your t-molding. Considering you'll have the t-molding covering the edge, though, it may not matter. However, contact paper has a tendency to stretch so you may find it start to retract from the edge if you cut it flush. It never bubbled on mine when i wrapped it around. I just made sure that I pulled it really tight and wrapped it around about 2 inches around the back.
One think you may not have considered, though. If you haven't started yet, you will be better off routing out the groove for your t-molding BEFORE applying the contact paper. The contact paper is more likely to tear and if it sangs you're gonna zip a nice pretty zigzag right into the side of your panel.
Contact paper without a covering would probably tear, but it's secure if you put plexi over it. My only complaint is that not many designs go well with contact paper. (In other words, I think it's kind of ugly.)