Tim, the template is commercially available from Uschi Van Der Rosten, (uschivdr.com/shopping-categories/shop-paint-masks/) - I'm still waiting for mine to turn up (the pic of the schmalturm is from the site, used just because it give a clear indication of the effect. It looks like it's being used on a 1/35 E-50 kit, so probably Trumpeter).
I'm assuming that its made from the same material as other stencils, usually a pvc type plastic with a low tack adhesive on the back. This pattern needs a hard edge, so would be stuck flush to the model.
As they fit flush to the models suface you can hold the airbrush quite close (2"/5-6cm away) - I generally use a lowish pressure - about 12 psi & on previous use of stencils of this type this seems to work fine - just make sure that the stencil is well stuck down & your paint isn't too thin & it shouldn't bleed underneath.
If anyone finds a more complete pic of a Panther (or anything else for that matter) showing the extent of the pattern I'd appreciate a link, many thanks.
Edit:
Have possibly pinned the pic down via Richard Hargreaves 'The Germans in Normandy' to Lorraine in September '44 - also that this scheme probably isn't an entirely 'new' disc camo (MAN factory applied t1 & MNH t2) but that someone at the MNH factory may have gone a little OCD & altered their t2 pattern, making it much busier with extra cutouts (perhaps the original application stencils were worn & they improvised).
As to the coverage, it seems that the wheels, lower glacis, deck & turret top escaped application, leaving the schurzen, upper glacis, hull sides/rear & turret front/sides/rear covered - now I just have to wait for the stencil to arrive!