Doll reborning paints
Looking at the process involved and the toxicity and the heat setting relate directly to the vinyl paints bonding with the base material to essentially become one complex surface. 

Air drying paints on top of the plastic will not have the same translucency as the bonded vinyl paints so I think the answer is no as far as "realism" goes since it is the translucency, also known as subsurface scattering, that is mimicking the behavior of light on real skin.