Yes I have made them from white vinyl that allows light thru more recently. The switches aren’t generating a huge amount of light but it seems to work ok.
Sometimes traditional paste wax will get stock at the edges of the vinyl causing a white line - I recommend more modern spray type waxes if you are going to wax over the vinyl.
Once it has a chance to dry you should be able to overcome that. It’s just the fact the the vinyl has to conform and stretch around those embossed letters so it needs to be dry to finish that part up