The stuff you get from Mamemarquees is laminated paper, that looks and acts very much like vinyl after the process is complete. It's not like applying paper. It's like applying a vinyl overlay, which was done to some of the early cabs (i.e. Defender)
I do not think that you will have to worry about damage to the edge. The material is very tough.
That being said... t-molding is always going to be more resistant to damage than vinyl, it is also easier to replace when it does get damaged. If you have to replace a CPO, you will have to remove all of your controls to do this. With t-molding, it's a quick switch. If you WANT to use T-molding, then do so, but otherwise, use the cpo. The amount & type of play the machine gets shouldn't be enough to damage the material for years.