CP140 -- yes, the Ultra/Ora is workable at a lower temperature than Monokote, so there might be problems with the underlying covering changing its shape while you try to apply the Monokote over it.

woodbutcher -- yes, they use a different formulation -- I don't know what's in whose, but my Monokote appliques stayed gunky underneath for a long time when I used the non-top flite solvent.

I think the best chance for success with this setup would be to float the appliques on with windex. When you do that, you place the overlay where it goes, squeegee out all the bubbles and as much of the liquid as you can, let it dry overnite, then go over the edges with your sealing iron using the lowest temperature that activates the adhesive. An easier approach would be to trim with ultracote instead, but that may be beside the point, right?