Yes you can stencil on acetate. I did with this winter card. I stamped in white and embossed with embossing powder the image on the navy cardstock, and stenciled my greeting on the acetate and then layered them together.
For more details and a closer look, please visit my blog.
Date: Tuesday, August 12, 2014 GMT Views: 613
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Stamps: Tall Christmas Trees (Woodware Craft Collection),
Paper: In The Navy, Acetate (is that paper?), Pure Luxury White
Paper Size: A2
Ink: Frost White Colorbox Ink
Accessories: Let it Snow Stencil (Dreamweaver Stencils), Pearlescent Embossing Paste (Dreamweaver) Blue Crystals (Zva Creative), White Embossing Powder