Never painted fabric (intentionally) I do know my mom was pissed when I spilled some paint on a chair when I was a kid....LOL.
My concern would be that the the fabric would get stiff and scratchy...like old paint in a paint brush that is not cleaned properly....perhaps a fabric dye would be better?
I don't work with fabrics but the idea does not sound like a good one.
It would most likely turn out like a rough Herculon.
I have seen many pieces of upholstered furniture being painted...check this out http://maisondecor8.blogspot.com/2012/06/dreaming-of-pink-sofaand-workshop-i-had.html
Thanks for all of the feedback ... I was thinking of trying ASCP. We will see. Fingers crossed it doesn't end up a crusty mess. Then I guess I'll have to try my hand at a slipcover.
If you can get your hands on some fabric medium you can use latex paint. The ASCP will be too stiff! I painted a chair not too long ago!
Great info on painted furniture....Ashley.... http://www.hometalk.com/432135/painting-upholstery