That's the cheapest solution. That's if you're trying to prevent further wear AND not look at it.

https://pinside.com/pinball/forum/topic/the-simpsons-pinball-party-custom-cabinet-decal
Contact PinSide members, they have the graphics and already have done the project.

http://coinoppartsetc.com/product/parts-sale-decals-and-overlays/simpsons-pinball-party-pinball-machine-game-cabinet-art-decal
Superb Quality.

http://www.retrorefurbs.com/shop/the-simpsons-pinball-party-cabinet-decals/
Cabinet decal quality unknown.

http://www.arcade-cabinet.it/decals-flipper/
Cabinet decal quality unknown.

There are more if I started digging around, this is an age old problem for this title because the original Stern cabinet was silkscreened.
My suggestion?
Option #2.
Make sure you do the cabinet preparation correctly, orbital sand, and black paint the cabinet.

Or, if you want to do the "cover" solution: http://www.pinballlife.com/index.php?p=product&id=2519

Most definitely the aesthetic and simpler installation method.
MANY collectors went this route.

I can speak on behalf of Retro Refurbs. The decals are all completely redrawn by an artist using Adobe Illustrator, checked for accuracy by overlaying with the original scan, and then the scan is removed leaving the newly drawn artwork. So they are not printed from photoshopped scans like what other people do and you get the highest print resolution possible. They are all done at 300dpi. The print material is Orafol Orajet.

Overall quality is superb!

Then I'd suggest getting lollipop rails.

Forgive my being negative, but printing a "patch" and expecting it to match, line up, etc is a pipe dream. With that amount of wear, you really have no viable choices other than re-decaling the entire cabinet side (or more) or covering the wear with lollypop rails.