I actually do this as a matter of routine-
I like EM games, I dislike EM games with freshly painted sanded bright white cabinets.
One bit of warning if your considering going this route. Its a crap ton of work to restore an old cabinet and keep the paint. I literally spent 20+ hours going over a 1973 Gottlieb King Pin cabinet that was SEVERELY yellowed, using magic eraser and isopropanol to sand through the top coat of yellow to reveal aged looking but bright colors. I then hit it with clear coat, filled in all the dings and dents with a filler designed to work this way, sanded it back, and now have a long process with an air brush to fix all the spots missing paint (or that are now filler), and will finally have to re-splatter the cabinet by masking all the color and touching up the white regions (its not white, but its no longer obviously yellow) that I ended up removing the splatter coat when sanding down the yellow.
Its a lot of work, but its fun, and I can tell you- the finished product is really really cool- its completely retro, aged, appropriate, but shiny new at the same time. Worth it? No way, unless its what you want- and I do.
The big reason I don't like spraying new stencils, is the PLAY FIELD is NOT white on any of these 45 year old games, so to my eye, having an beautiful aged play field in a spankin new bright white cabinet just looks wrong-