Yes clear first after getting it as clean as it's going to get.
The idea for the small text is to scan it, remove the background in photoshop and just print the black text and arrow to lay over the aqua. How exactly to do that in photoshop can be a little involved.
Your hardest obstacle might be the "50 points" text in the inlanes because it's white on color, and you can't print white text on a decal.
So you can go to different lengths depending on how pristine you want it to look. Personally I would go for a "player's" look, just hitting the eyesores. Fix the aqua, touch up black print and keylines, repaint white under the plastics. That'll make it look pretty good, and with a fresh clearcoat and fast play I'll be great. YMMV!