After a good round of material testing, I was able to engrave and cut on this. For best results, once you've found your speed and power, it's better to adjust the density than the speed or power. Secure the material well, as it wants to start warping as you engrave. Engraving yields a gray to white color depending on density. The end product looks really nice stretched and backlit.
Cutting is a bit more of a challenge. If you don't get it through on the first pass, you're not going to finish cutting this cleanly. It might make more sense to engrave the material and then cut by hand or with a Cricut.