Hey Jay. I'm certainly no expert but I did just complete my wedge bass units with paint and vinyl wrap. The wrap I used was 3M 1080 series. It worked out pretty well. If you are transitioning corners in more than 2 planes I would highly recommend getting enough to play with and get a little experience with it. I learn more each time I use it.
Regarding the adhesion promoter, I used it on my entire project. My best results were achieved when I let it dry for 24 hrs. You don't need much, a little goes a long way. I picked up the 8oz 3M adhesion promoter, did an amp base twice and the wedge bass units and still have a half can left over, I appilied it with a foam brush.
I have the wrap bumping right up against the side of the red board on the subs. I would recommend having some kind of transition between the paint and the wrap, but that is a preference and certainly not a requirement.
Mike is correct, the vinyl doesn't hide any surface imperfections, so you will want to prep as if you are painting.
I'll be happy to answer any questions you have if I can. I would say go for it. It is not too expensive, reversible, and I think it looks pretty good.
Best,
Ed
Edit: I played with the vinyl into the groove, in fact the subs have a small reveal all the way around the bottom where the base meets it (except for the front board which meets the base directly). I think you will find when using the adhesion promoter the edges will stick fine assuming a smooth surface. Although I didn't have a problem with the primer on the subs (they had been drying for a number of weeks) and as noted, I let the adhesion promoter dry for about 24 hrs, I would recommend applying the adhesion promoter directly to the mdf assuming that is what you're using.