straight paint will not work. there is not a good bond against the shaft for fletch to hold. the paint will have to be coated with poly or laquaer(sp?). wraps are easier and better if you want the white under the fletching.
since I shoot trad, I have tried my hand at cresting arrows and suck at it. I use wraps on my arrows since I use carbon shafts with my longbow. if I shot wood, I would work harder with the paint.