I slept on this and gave it much thought the last couple of days and decided that the mylar was the path I was going to take. Vic's warning that sometimes peeling the factory mylar off will take the paint with it is what really forced my hand. If it took the paint off the playfield is ruined, defeating the whole point of the exercise of trying to save the playfield!
So tonight I carefully waxed the playfield and finished my template which I transferred over to the mylar and carefully applied using a wallpaper roller and then a heat gun to warm everything up. I think it came out rather spectacular with no air pockets or other funny voids. And since the playfield is waxed it should come off fairly easy if need be in the future.