Removing Center Caps

I have a question too... I just ordered a rear blackout vinyl panel and it already has a hole in it for the fake gas cap thing. Should I be able to put the sticker around the cap or should I take the cap off for good measure? Pluuuuuus, if I do end up removing the cap, does it re-apply well or will I need to get some more tape for it?
 
I think that people complain about the Xenon plastic blackout panel. Mine is off of ebay and is vinyl. I got the vinyl one because someone who had it on this site told me that he loved it and no paint shows. But it would be a pain to start applying it and have to take off the badge and it would be a pain to take off the badge and have that be a waste of time because I didn't need to do so. Ughh, what to do, what to do