is it recommended to spray the stripe color, then remove the tape immediately, wait to dry, then clear the entire hood? Ive never done this before so any advice is appreciated.

When I helped the painter do the stripes on my 70 Olds. After he sprayed it (couple of coats) he let it flash then started removing the stencils.
If you let it dry the paint will crack where the tape line is. leaving a jagged edge.
After removing the stencil He still had to go around and clean up a few spots on the edges.
Then the whole hood was cleared