I've done quite a few. I use a spray paint base, then use craft paint for the sponge applications, and clear coat everything a few days later. Less is usually more with the sponging, it's easy to overdo it and it generally looks better with less color than you think you'll need. My impatience has caused a few stocks to get terrible paint cracking if I apply the clearcoat too soon before the base paint has fully dried. I now allow at least 2-3 days for the stock to dry before I seal it up with clearcoat.
Also, have fun! It's easy to redo if you screw it up but chances are you'll be very happy with the final result and it'll be a nice aesthetic upgrade from your plain stock.