To make the paint stick, I’d lightly sand it, and put on a binding primer ($30 gallon) and then paint it with porch /deck enamel type of paint ($35 a gallon). TSP Solution after sanding & vacuuming.
Personally, I would buy new peel and stick vinyl tile at $.99 a square foot. If I waned to do borders, or a pattern, then this is the time I would do that. I wouldn’t paint it, it’s not meant to be painted.
What’s your time worth?
I think you follow the same steps as painting tile. https://www.hometalk.com/36896576/how-to-paint-tile-floors-with-a-stencil
Here is how other Hometalkers painted vinyl flooring.