I don't think there is any way to cut a hole in a light bulb. They are just too thin. I've drilled a lot of things, but don't think it would work with light bulbs. Maybe someone else will have an idea.
You could fashion a simple macrame holder to hold the light bulb.
As far as paints go, other than acrylic, I have no idea. We do have some fine artists here, so maybe they will be able to suggest something else.
