I would imagine most paint is flexible enough as long as it's not too thick, and most things should stick to wood. I was wondering about using (real) milk paint with a bow because it soaks in to the wood, has a matte finish, and I have some left over from some furniture (this is the main reason). Just be careful with water based paints as it raises the grain, or would that have little effect on a bow? I don't know, i've never risked it.