I haven't done it but have considered it. I would contact a die-cut sticker company and see where they get their vinyl or if they're willing to cut you a deal on it. Vinyl stickers seem to last a good while so I would assume its all about having a nice clean surface for the sticker to stick on.
And why not? Definitely not heavy (do people with crazy sticker jobs have "heavy" boards?) and it gives you a blank canvas to work with on your board. It would be cool to have a die cut sticker maker do logo cutouts in the wrap so you have a reverse sticker kind of look where the normal topsheet is showing through.