I just cut it with the bandsaw or scroll saw (safer). Leave the paper/film coating on to trace the design you want, cut outside the line, then sand to the line and remove the protective film.

Some people "flame" the edges to get the "polished" clear look again. This is done by moving a flame back and forth quickly to get rid of the scratches from the sanding step.

Like all things in luremaking, practicing on scrap is a good place to start.

UpaCrick