Yep. That's the stuff I'm talking about.
I used that for my school bocks, and i remember that all of them had bubbles left, no matter how carefully i would apply the plastic...
It can be tricky. The secret is to start at one edge or corner and work your way across whatever you are applying the plastic to. Use a ruler or other straight edge to press the plastic down. This usually eliminates the bubbles. If you do get a bubble, pop the bubble with a pin and squeeze the air out, working from the edge of the bubble inwards towards the pinhole. The thicker plastic sheets usually give fewer bubbles.
As an alternative, use a laminator to laminate your paper panel. This will embed it in a clear plastic sheet with absolutely no bubbles.