No!Never use latex house paint on a costume. It is'nt made for that application. You want to use Liquitex or Golden acrylic paints. These are the best out there. You'll also want to get some Pro Adhesive to put on the costume so the paint will stick and not flake off then after painting seal it with Perma Wet. You can get Pro Adhesive and Perma Wet at www.monstermakers.com
Actually I make my own for a base coat, no need to lash out a lot of money for the base coat. Just mix 25% latex 25% acrylic paint and 50% distilled water, this will give you an airbrush compatible mixture, if you're going to be just paiinting this on normally you can increase the ratios of latex and acrylic whilst decreasing the water. I've used this recipe thanks to DavidYr1 and Arnold who runs MonsterMakers. It's cheap and if you run it through an airbrush pretty easy to clean up. Once the base coat is applied you can paint it with normal acrylics or FX inks and seal with Perma wet or Liquitex's clear acrylic gloss medium or in a pinch Berol's Marvin Medium. If you go to MonsterMakers be sure to check out the painting tutorial. But I wouldn't reccommend using the rubber cement paint unless you're working using a respirator and in a well ventilated room. That stuff is plain nasty. Hope this helps mate.