Yes but, this assumes that you require a natural colour surface. As my conversation with Boyan above. I need a painted surface, which is another ballgame. Currently my method is to paint or spray my base surface (Z,0 surface) then use industrial strength iron-on film over that. A good initial surface is required and a well dried polymer based paint is imperative for good film adhesion. I cut through for my lowest contour first. Iron back the edges to ensure a seal against the painted edge. Then paint or airbrush in the cut. If going for three or more colours, then I repeat the iron on film process as required. (Find a small triangular model film covering iron is very useful.)
I have tried cutting the surface back, as you suggest, and rubber rollering the topcoat. Results where not good.