I've been using the Mod Podge method, and love the reusability of it, but at least for me, fine lines are pretty inconsistent and require quite a bit of touching up. So I thought I'd give this a try. It was a pain to cut out the stencil but the results are great, although I wasn't thinking and messed up the lettering when I filled in the B and R with light blue. Oops.
Here's the stencil:
And here's the shirt: