After FOUR coats of paint, this is how they look now. I'm trying them with two different shoe clips that I own. The paint I used doesn't change the feel of the fabric (i.e. make it stiff), so overall I'm pretty pleased with how they came out. This inspired me to also try painting some bone heels that I pretty much never wear a beautiful dark purple instead. I'm also in the middle of painting a beige purse blue and a pink purse red, but those are big projects that are taking a bit longer to get done.
VERDICT: At $2-3 a bottle (I used Angelus Opaque Leather Paint in Green and Purple), shoe paint is a fairly inexpensive albeit time consuming method of obtaining a "new" pair of shoes. What do you think about how they turned out?