Just wanted to thank this thread for the idea. I quickly gave up on the idea after velum was a big bust (very hard to see through, and no adhesion). Then I read on here.. contact paper. YES! clear, sticky (but not too sticky), cheap! Bought an 18" x 24 foot roll at walmart (it's considered shelf paper, so look in home goods) for $6.

I do have one tip on cutting it out, don't do it on the cabinet (why risk digging into the cabinet?). I traced each section of color (just use a pen or a thin marker), then transfer that to playfield glass (if your restoring a pin, your probably going to replace it anyway). Make your cuts on the glass, then transfer back to the cabinet (yes, the sticky will still work). Make reference points from other sections so you orient it correctly. I'm gonna post pics of my first section tomorrow morning.. I'm sort of regretting doing the front of my cabinet by hand now

well the section I did didn't turn out as well as I wanted... didn't stick as well as I had hoped (a little bleeding), and because I didn't lay down white before applying red, it came out pretty dull. I think I'm going to trace a new piece and try again

traced and transferred to glass to cut out:
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transferred back to cabinet
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painted 2 coats of acrylic
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stencil removed
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Ok so I have an update. I bought the clear shelf liner roll from walmart for $6:
http://www.walmart.com/ip/Con-Tact-Shelf-and-Storage-Liner-18-x-48-Clear/17127439

Covered the whole side of the artwork, traced yellow outlines first (also mark the bottom left and bottom right of cabinet), transferred that to posterboard (for a side cabinet, you'll have to tape two together). Once that's attached to the posterboard, you can easily cut out your shapes with an x-acto. Repeated this process for the red. Now it's time to spray

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In order to align 2nd layer to 1st layer, always have a way to align somehow. I used the dips in the yellow as my reference point:
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Came out pretty good:
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Total cost to me: $19 (including two spray cans), far better than paying $130 for a stencil kit. Going to repeat this process for the front, and then clear it.

There's more overspray than I would have liked, but I can easily touch up black around the area to clean some of it up. At least I have nice bright fairly clean lines now.

I've seen many professionals use posterboard. I've even used it myself, just have to be careful to keep it flush with the surface if you're using spray paint to get the colors. In the factory (according to Vid1900), I believe they cut master stencils from very thin sheets of steel (which would have slight overspray)

Ideally you want sharp edges, is to use frisket laid over the cabinet, and cut out each layer very carefully so you dig into the cabinet. Then use an airbrush so you can have good control with light coats.