I used flexible PLA on a Half Life 2 headcrab puppet last year. After giving the stuff a light sand for adhesion properties, I sprayed it in Leak Seal, then I believe straight to acrylics (airbrushed on, though hand brushed wouldn't be an issue). This combination leaves the paint to be just as flexible as the piece, and I have not seen any cracking or creasing thus far (and that's with bending it quite far!).
I also coated the pieces in E6000. To coat a suit in this would be a huge effort (and the texture might be a little uneven), though I once heard monster maker Shannon Shea say he's coated creatures in airbrushed E6000 diluted with Naphtha - but please note that from what I have heard, Naphtha can be dangerous to work with, so please read up about it before even looking at where to buy it. Also, you'd want to use a cheap airbrush to spray it on. I've never tried this particular method, so I can't vouch for results.