Yes, it should peel off. It will move more smoothly under the quilt when the paper is gone.
I have far more rulers than I need, but I've used them all at one time or another. HandiQuilter rulers are very good, especially the VersaTool. I like De Loa's Castle ruler for SITD and echoing straight lines. It's nice to have an assortment of circles of different sizes. I prefer clear rulers to those that have a tint, but sometimes the ruler you want just happens to be blue or pink.