Excellent, pretty much exactly what I'm planning on doing with my CP. I've had a good look around and it seems there shouldn't be any problem with peeling as long as you make the slot for the switch 2-3mm wider than needed, so the metal leverdoesn't actually rub against the overlay. It will make the slot a little more obvious but that's far better than having the overlay peel.
Let us know how it all turns out.
Cheers.