Thanks for all the encouragement!
The weather turned cold here in D/FW so I had to wait to stencil the other side. Today it got up to 55 degrees so I thought I'd give it a shot.
Same process as side 1, after the stencil was applied the areas to be painted were sanded with a sanding stick paying particular attention to the edges of the black stripes to make sure there was a minimal step off. Pinstriping type tape was then used to extend any of the edge graphics that didn't quite reach (the stencil is actually about 1/2 inch short for the cabinet size). Same 2x Rustoleum was used for the white.
I did have an issue with the white during painting, it seemed to have issues with not wanting to cover certain pinhead sized areas. I thought maybe it was that the can was getting low so I switched to a new can and it did better. I did, however, have some crackling issues in a few areas. I think this was either due to some weird reaction from the paint or that I had to put the paint on pretty thick this time to overcome the coverage issue.
Anyhow, the stencil was removed and the small bleed over areas were corrected with the Q-tip in paint thinner method. Plan will be to allow this to dry fully over at least 24 hours and then retape the areas that crackled, sand them and respray. Lesson learned here is not to use a can of paint that is less than 1/3 full, too much spatter and the paint doesn't come out as smoothly. In the future I'll spend the extra $3.50 to use a new can from the start!
Overall for my first stenciling job I'm pretty happy with how it turned out. The Pinball Pimp stencils worked great.
Stencil applied prior to sanding:
Cabinet after stenciling and minor paint correction:
Crackling effect that will be re-taped, sanded and resprayed to correct: