Have you considered buying a hardtop?

Oof yeah that would drive me nuts. For the hassle and time to "fix" it, I'd just scrap it and do a hard top.

Cut it with a razor blade and flatten and overlap it if necessary.
Of course it won't be perfect but it'll be flat.

That’s a fun killer. If you have the skill, replace the playfield. Not a fan of installing Hardtops when playfields are available.

Yep - rip it off and get a hardtop - do it right seal the playfield not just the inserts to make sure it has a clean surface and not just bare wood to stick too.

What you have is the problem with overlays and that is why no one real does them anymore if they have an hardtop option.

Of course a whole new playfield is better but that is huge work...if you have never done one before.

http://www.outsideedgeproducts.com/store/p75/Pinball_Playfield_Hardtop.html

Carefully cut along one side of the crease with new/sharp exacto blade. Smooth the other side down and cut off excess. Not perfect but no different then mylar. If game is a keeper, Install a new playfield. It will add huge value.

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It's just as hard/costly to do a cheap PF swap as an expensive one.

I'd at least give this a shot first before ripping it off, nothing to lose. Gets rid of the ball hangups and would look a hell of a lot better if you do it right.