ITTF Regulation states that:
2.04.06 The surface of the covering material on a side of the blade, or of a side of the blade if it is left uncovered, shall be matt, bright red on one side and black on the other.
That vinyl sheet should be fine to use as long as it is matt.
It is unlikely to be reused after one application.
The adhesive could splinter the blade if it is strong enough.
