Step 1: Pop into 3D
Step 2: And back into 2D
Open up Illustrator and import the resulting image it. Once there, create two layers, one for the shadow and one for the white front. For the shadow layer, outline the entire image. The reason is that when you put white paint on black it pops out more in the final result. It's also a little easier on the alignment. Nothing throws an image more than having the object be separate from the shadow.
After that, outline the white sections and then print one image for each of the two layers. These will become your stencils.
Step 3: Print, laminate, cut!
When you have the sheets all shiny just get out an Xacto knife and get cutting. Use a ruler or do it freehand. Be sure to have plenty of blades on hand since you'll likely need to swap them pretty quickly.