I have done many stenciled designs with my walking foot.....IF they are not too curvy or complicated. I prefer the end result over the FMQ for myself.
And yes, you can do it easily with a walking foot, but not fast. You'll make a needle down position, pivot slightly, stitch until you need to needle down and pivot again. I always remind myself that machine quilting is faster than handquilting, but not nearly as fast as LA quilting. It's okay to take more than a day or two, (or three!) to get it done well. :D
Jan in VA