This is how non artists engrave:
http://www.artcam.com/
I have been a machinist both old school and new school for most of my life. I am pretty familiar with metalworking and how a cutter flows etc.. I would have trouble engraving my name with a stencil. The reason it looks so easy is because the people you have seen do it are so good.
That said. It never hurts to try. I just wouldnt start out on anything of value. Guys I have seen learning will often grab relics from junkyard and work on them. This way its not just flat parts. Dont think about things like broken or old tools (ax heads, hammers, etc..) because they are made of higher carbon steels and difficult to cut. Aluminum may be a good start.