I would cut the silk in half and do each limb separately. It makes it easier to deal with. Just overlap it at the handle.
After about an hour or so the glue has set up but is not completely cured. If you have to trim excess from the edges, now is the time. A sharp razor blade works well for this. After the glue has dried completely(tomorrow) you can use a file to dress up the edges.
As far as paint, any acrylic paint will work. Craft stores , WalMart, etc usually carry it in the craft section and in many different colors.
In the most recent PA Magazine, Billy Berger did an article on making mineral paints and using an acrylic base to carry the pigments. Pat