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.
The first board I bought had the entire top surface wrapped with a vinyl sticker. I don't get to ride often (I live in ATlanta), but it has held through all of my, and most of the previous owner's trips with very little peeling on the edges.
I have my own 24" vinyl cutter. I do stickers and logos for cars. Just didn't know if it would hold up in some pow! To a reply up top, the reason for it is because I bought a bored I've been wanting for awhile for really good price but it just didn't have the design I wanted.