Is it OK to install The Edge Vent on top of existing shingles instead of installing it on the bare roof deck?

It's best to strip the roof deck of all shingles before installing The Edge Vent.

Air Vent does not recommend installing The Edge Vent on top of an existing layer of shingles (regardless if underlayment is installed on top of the 1st layer of shingles/under The Edge Vent). It's best to strip the roof deck of all shingles before installing The Edge Vent.