If it's your first time customizing a playset, I'd go to a thrift store and pick up any newer playset- barbie, littlest petshop etc... and try techniques on that first. Then you won't run the risk of ruining your bait playset.
I've had good luck with spray paint meant specifically for use on plastic. I can't remember the exact brand but I'll update this post with it when I get home. The trick is getting the spray paint far enough away from the playset so that you don't the paint build up too thick and get drips or splatters. You also have to be very patient and let the paint thoroughly dry before trying to move the playset to spray from a different angle or you can get fingerprints in the paint. You also want the paint to be completely dry before putting on another coat or it can run and wrinkle.
Also, the playset needs to be thoroughly clean and dry before painting. Any dirt could make the paint job look bumpy and any water or cleaning product left on the playset can cause the paint to bubble and crack. I use 100% ethanol to clean the playset because it dries very quickly and does a good job cleaning. You could also use rubbing alcohol. Just make sure it's completely dry before painting. The ethanol will damage stickers though so if you want to keep any stickers on the play set you need to make sure they are not touched by the alcohol. If you want to get rid of the stickers then you can use a wet sponge to get them wet and then remove them by gently scraping with your fingernail. You can also use Mr. Clean magic erasers or alcohol to get rid of any residue.
You may also want to check to make sure the playset is not super rare or in collecting worthy condition before baiting it. I know some of the petite playsets can be kind of hard to find- the shops and castle I think. If it's only sort of baity- then you might be able to trade it to someone who has a really baity one and get a little money for the upgrade too.
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