There are several options. I'll give you the one I use and I'll let others will chime in with their alternatives.
I use Stits Lite fabric (from F&M Enterprises) for the covering. It gets applied with PolyTak or Sig Stix-it or BalsaRite for Fabric. I like it better than Coverall because the weave is tighter, its a stronger fabric, and is more puncture-resistant and the weave doesn't separate if pulled on. Another fabric option is Solartex or Oratex. I paint with PolyTone paints (also from F&M Enterprises). Fully fuel proof and looks as good 20 years after painting as it does on day 1. Down side is you need a compressor and spray gun and the solvents are toxic so you need a respirator (3M has disposable ones for $20 buck or so and they last years if kept in a sealed bag). As a second choice for paint for a fabric-covered plane, I would use a 2-part automotive paint. You just need to be sure it is moderately flexible when cured or add a flex agent to the paint so it handles the open bays on the wings ok. Again, fuel proof but toxic. In my opinion, both are a far more durable finish than latex.