I've been using a base coat of white satin Krylon and using auto air and Apple Barrel water based Acrylic paints through my airbrush and clearcoating with D2T. They're nothing fancy but the paint jobs have turned once dead lures into very productive ones. Here's a few of my recreations.
I don't sand the baits. Just be aware that the weight of the paint and clearcoat can change the lure's bouancy. The Apple barrel paint do require a lot of thinning with Windex but do work fine. Just not as nice as the Auto Air spray through my gun.