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Yeah. For sure. That would definitely be one method of approach... Then allowing it an appropriate curing time and then abrading it before applying your masking vinyl. I would choose that option if painting white base over say, red base but perhaps not in every case involving a candy (or in a fade/complex pattern) just because the colour and depth of the candy is so heavily determined in the application so any type of hiccup makes a repair a myth.
The timings are essential in that scenario because the intercoat clear is effectively adding more solvent which can reactivate the candy and cause it to bleed even more!
For a real safe bet, I'd perhaps give a full clearcoat over the green candy, work on something else while it cured, then wet flat it and apply the graphics over the top and then flowcoat the final clear. This would give you a fully safe barrier between the candy and the white basecoat. It would also give you a deeper prism for a rich glossy clear over the pigment and could potentially help you blend the raised edge of the graphics and make flatting and polishing it smooth a lot easier!
The graphics appear quite flat from the photo too... if you read the reflection of the light as it moves over the actual text it is straight rather than undulating over the letters.
Its only one image but as a paint nerd who spends all his time in the workshop, there's a lot in this for me to enjoy/appreciate.
Intercoat-clear; post vinyl stencil, but pre white?