IA--
I'm in the process of painting some arrows now...after reading the post provided above about a month ago. I have 4 done so far. I'm switching from 4"veins to 2" blazers so I figured this is the time to crest as well. It's really pretty simple. To make things easier for me I took an empty pringles can, (a tennis ball can would work too) drilled a hole dead center in the top and bottom and put my arrow into the can...using the lid as the stop point of my paint. The can prevents any overspray from getting on the rest of the shaft. Several thinner coats of paint seem better that one heavy coat. After it dries/cures for 24 hours, I fletch using super glue.
My paint is white and my blazers are yellow (2) and white with a yellow nock.Looks pretty good to my eyes and should be easy to find in the woods after a pass-thru.

I have not noticed any change in the flight of my arrows that I attribute to the paint. I do think the blazers helped me out though.
The pringles can works pretty good so you may want to give that a try. And one tip I read on here too was to put a dab of glue on the leading tip of your fletch. That will help prevent it from coming off. However, be careful with the glue as any excess that you have to wipe off will also take off your new paint.
Good luck.