I'd like to find a stencil for the word, "Schwinn" in your photo, but I guess someone who made them would run a foul of copyright laws. I've made stencils by tediously cutting items printed from my computer, but never anything cursive. Have had good luck with print words that have mostly "straight" letters like I, N, A, etc., but would fail miserably trying to cut a stencil for something like the Schwinn word.
On the stencils I did make I used a heavy bond paper, cut the stencil with X-acto knife, sprayed glue on the back, attached it to the item, and used an airbrush. I think it would be difficult to come up with something that looked decent spraying direct from a can as you can't very well control the volume of paint.