Squeeze, the 2 main things with working with this (YMMV this was what I found) is 1: tight corners = heat, get that vinyl soupy and pliable it will take a hell of a stretch before it rips. For corners and round edges this is a must. 2: as you surmised a very sharp exacto knife is needed to cut it, if you use a dull knife then you end up with crappy edging. Lay the product over the part smoothing it as you go, cut the holes from the back side and tbh it is simple, again sharp knife is key. You will also want to make sure the surface is as clean as possible especially on the edges. Get the primer since that will be high traffic area's. For flat non-heavy use spot you shouldnt need it but yeah I would use it for the edging and corners.
Drop by here:
Carbon Fiber Film | Dedicated To Selling 3M Carbon Fiber DI-NOC Vinyl
and have a look at the FAQ's and videos, plus IMO better selection, price on larger orders.