Answer: No, most tree specialists now recommend against painting pruning cuts unless there is a specific insect or disease related reason for doing so. Make sure and make your cuts just outside the natural, raised ring of bark where the branch attaches to a larger limb or to the trunk. Don't cut flush with the trunk (too close) or leave a stub (too far out).
Regarding your second question. Orange shellac makes a decent replacement for commercial pruning wound paints.
Q&A Library Searching Tips