start w/ the trunk lid, I'd take it off, it made it 100000x easier. cut pieces (some use templates, I didn't), and yes, I covered every sqaure inch. as far as the license plate, the two screws on the bottom will deff help, but many on the boards have said to put a piece of dynamat on the back of the actual plate to help with rattling. after the trunk lid, I'd stard around "rattly" places, near the tail lights, wherever you think things rattle. with 40 sq feet, you should be able to cover almost, if not all of the trunk. take out the carpet (held in w/ plastic screws) and do the spare tire well, and the floor. I did the inside of the fenders too, but basically, I wanted to have a huge sheet of silver with no paint visible when I opened my trunk.
a word of warning: if you don't have a trunk key, don't do the trunk lid. after I did it, I can't use my trunk latch to open it because of the added weight.
good luck! and be prepared to get messy from the adhesive, and to ruin a pair of scissors (WD-40 cleans the adhesive off pretty well though)