I've seen it done, its not bad, kind of like the ol GTX emblems for the SLP cars, but it looks much better clean. I have Supercharged on the back of mine, had a friend of mine with a vinyl shop print me off one and I like the look of it. Subtle but fitting. They look best clean tho.
Now break out the elbow grease and do some polishing. A cheap orbital buffer will run you $20, some good 3M polish maybe $5-10, a couple extra bonnets and you'd be set.
Wash with dawn (dish soap, I know)
Dry off car
Use buffer and polish it thoroughly
Once done, go over with a couple coats of wax
Step back and be amazed!