The best paint to use on these types of covering are always Butyrate dopes, I am doing one now with Brodak dope and silkspan. But even Rustoleum is fuelproof after a few weeks of curing. But I'd go with the dope finish.

Here it is
http://www.brodak.com/shop_productde...ProductID=6735

But you first need a few coats of this
http://www.brodak.com/shop_productde...ProductID=6796

Mixed 50/50 with this before painting, but use 1 coat full-strength on framework for the covering to adhere to. Unless you are ironing the covering on, in which case you just apply 2-3 coats of clear dope thinned 50/50 with thinner
http://www.brodak.com/shop_productde...ProductID=6803