Diode lasers are marginal for metal as the material sucks away the heat as fast as the lasers can pump it in.
Usually CO2 or fiber lasers are used for this since you need 100+ watts of power to get the metal to vaporize before the heat gets pulled away.
The spray actually chemically bonds to the surface versus etching. You should try some low gloss or flat white spray paint as well to see if there is a significant difference, could save some $$, but those special purpose sprays (LB100, Cermark, etc.) are as good as it can get. I really like the Rustolium "2X" matte white paint/primer as it has a high amount of titanium dioxide which is what turns black and melts/sticks to the base material.
Alternatively, you might try something as simple as packing tape or self adhesive shelf liner. Clean the metal, apply the film, and cut your pattern as before, but with only enough power to punch through and burn off the liner. Makes for a perfect mask through which you can then chemically etch the metal.