Ok so I got fed up with waiting and I peeled the stencil off. The only danger to doing this while the paint is still semi wet is that it could potentially smear. However I'm impatient, and I did not smear! I'm actually even happier with this than I thought I would be. It turned out really well. A little bit of bleeding under the stencil, but fortunately this design really lent itself to that.
And the other hazard of doing this when it's wet is getting it all over your fingers, as you can see in the picture. Oh well. Now it's time to let it dry all the way, then I get to do the back!!