Vertex,
When you apply the Mactac you simply start at one edge and begin to peel back the backing paper. Once you have it started, tack the edge down along the edge of the back glass then use a spray bottle to wet down the sticky side as you continue peeling and placing it accross the back of the tank. The water allows you to move the mack tac around a bit and makes it easier to squeegee out any air bubbles you will get (I used a credit card but as Tak suggested the applicator may work better).
The biggest help to this process (off a thread on RC) was adding a couple of drops of dish soap to the water. It made adjusting the backing and moving the air bubbles out a much much easier. The soap may create a slight milky film but this dissapears when the water dries up.
As for removing the backing once it is on, I would say it should take about 10 seconds
Once you get a corner peeled back just pull.