the paint is a very interesting idea...never heard of that and its very creative
it actually may be worth a try, you might need to use the high heat variety (not sure, because led's do not burn nearly as hot as regular light bulbs do), but just to be safe i would (unless someone with experience says otherwise that normal paint will do fine.)
obviously you wouldneed to make the coats very light.
i'm not sure how well it would work though, paint is not very transparent and it seems to me that the light that does pass through would be the light that passes through the small 'holes' in the paint job and therefore would be unaffected by the color. on the other hand, it may work jsut fine and be both cheaper and more hassle free than buying/changing leds. (more complicated than using the 'condoms' though and probably just as expensive--$5)