i messed around with this pumalogo.png and quad face tools..
originally did it with the yellow bricks but then deleted the brick layer in my image editor (i use pixelmator fwiw).. deleting that layer essentially does what i was talking about earlier regarding saving a png as a jpg in order to give a white background..
the neat thing about using this method is that once you get the uv mapped image into your photo editor, you can keep making changes and they update in your sketchup file.. so you only have to flatten it once then reapply and after that, it's really simple to make color adjustments.
logo1.png
logo2.png
(rendered with indigo)