There's absolutely no need to use ferric chloride (PCB etchant) to etch with an electro etcher. For one, it gasses off when you pass current through it, and you don't want to breath those fumes. And really, it's just WAY overkill as it's a pretty strong acid.
Simple salt water will do you just fine for carbon and stainless steels. I used to use a touch of vinegar, but stopped doing that when I had some discoloration. Let the current do the work. All the etching fluid needs to be is conductive, and good old salt water will do just fine. Not to mention, ferric chloried must be hell on stencils!
I tried making a felt marking pad for the Crawford etcher, but I found that it just worked better for me to use q-tips in an alligator clip. I dip the end of the q-tip in salt water and dab off the excess, clip the alligator clip at the top of the wet cotton, and touch the wet cotton end located below the clip to the stencil. My method involves repeated short "dabs" of the q-tip to the stencil/steel. This allows plenty of gassing off and prevents heat build up. I just work evenly over the entire stencil, flip to AC and do the same (with a clean q-tip), and then I'm done. That just worked the best for me overall, but I know a lot of makers who use the felt marking pad.
--nathan