Basically, yes.
I have an Epson photo quality inkjet printer (6 color) and for these I use a photo quality matte paper (not gloss photo) because I want it to be translucent. I then cover with a clear gloss vinyl material, and on the backside apply Scotch permanent double-sided tape. I use the backing from the vinyl wrap on as the backing of the newly created sticker, then I cut out with straight edge and razor knife. Once cut, I run a black Sharpie along the outside edge from the underside, so as to hide the white edge of the paper.
With that done I print a second copy but don't apply the clear vinyl to use as a sacrificial template. For the plastic, I use Lexan (I forget what thickness, but buy it from Home Depot in various size sheets). I then glue the sacrificial print that I created and cut out to the Lexan with a glue stick on top of the protective plastic layer that comes on the Lexan. Typically, I align the long edge of the decal with a precut straight edge of the Lexan. Using a pneumatic grinder with a small cutting disk and a metal square to keep my edge straight, I cut out the opposite long side of the graphic. I then cut the edges square and mount a mini-drum sander bit into my pneumatic grinder and carefully round the edges down to the graphic. I then hand sand with a block sander all the way around the edges to remove any burrs or rough edges. Finally, I drill the two screw holes (I have the position printed on the graphic), but off the top of my head can't remember what size bit I use.
Now that I have my plastic done, I clean it off and remove the top protective film that has my graphic attached to expose the bare Lexan. I then apply my previously created decal/sticker carefully to properly align with the plastic, and firmly adhere the entire decal using finger pressure. To finish it off, I use my razor knife to cut out the screw holes.
There is actually quite a bit of work to do it right, but the results are great (or at lease ask the several people in the forum that had me make theirs to see what they think). I encourage everyone to make their own, and you can download the graphic for free at http://www.thezumwaltfamily.com/getawaypinball or you can throw $10 my way and I'll do it for you (just PM me for details). FYI, I also do the same process for a custom plastic for the center target bank to replace the metal piece, bur I charge $12 for that one (takes a little more work).