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So I'll probably get a new computer soon, and since I won't have an optical drive I thought I'd utilize one of the two 5.25" covers...
My plan was to spray paint an aquila on the top cover in clear satin white and possibly make a Mechanicus symbol on the side. Should I buy a fancy aquila stencil or just print one out and use a sharp scalpel to cut it?

As somebody who has done extensive stenciling with spray paint, stippling, screen printing, etc, go with an exacto and paper. With any stencil (pro or homemade) be wary of thin sections and make sure they are resting securely against the surface to reduce bleed through. A light spray of aerosol glue might help as well. Let it dry for a bit so it is only tacky and will peel off.

Go light on the spray paint too. 2-3 thin coats will bleed less than a heavy dose. Alternatively sponging or stippling might work well.

Or cover it in wide masking tape, draw directly onto that, and cut out with an exacto.