I did a couple of re-themes, of EMs, before I did a custom game from scratch. I looked for a trashed playfield of the game I wanted to use, did not want to take a belt sander to a really nice playfield (and currently have a really nice Grand Prix playfield as a result that at some point I'll find a worthy buyer far). By the way, the most important piece of advice I can give you is to go slow and avoid getting frustrated at the pace and decide, oh, I'll just use coarser sand paper -- never a good idea.
In my case I airbrushed the new playfield, but to be honest, that sounds more impressive then it is, it was more of a 'mask and paint' and then I used water slide decals to add some art to inserts and a few other places. I went with painting, since i wanted to keep the EM feel, so the art was done in that style, which my default has limited detail. For my custom machine, I just recently used an overly to add the art. The tricky thing there is you need to have a pretty precise template to be sure things line up correctly.
Here are a couple of photos to give you a feel for what I did.
Here is the trashed playfield
Sanded down to bare wood . . .
I use stickers to cover the inserts before a base coat of white, you can also see masking where I wanted to keep the natural wood.
Part way through painting, you can get a sense of how I did this with masking to only expose the area I wanted to paint.
And here it is close to being done, and you can see the use of the water slide decals near the inserts.
Hopefully this helps. Happy to answer any questions you have.
Good luck with your project
Rosh