I have a 3KOAM Z-Back cabinet covered in blue vinyl, it's really nice looking. But in it's current configuration, I just don't use it that much (three buttons, vertical monitor). Meanwhile, I would love to have a Street Fighter II World Warrior. That kit looks right at home on a Z-back, but it would have to be red; my mockups on the blue cab just don't look right.
I'm not very experienced with painting; I've read that the best way to do it is sand the vinyl a bit, prime it, and roll on some oil based paint which I'm somewhat afraid of because I live in a small apartment with rather weak ventilation. What kind of paint should I use? Am I missing anything important here? Also, I've read that using actual adhesive vinyl will be easier and look better, but red vinyl is apparently very hard to come by. (cabinet size)
Here's what want to accomplish-

How would you do it?