So I joined a Mermaid forum today which is pretty awesome! I have been looking for something like this for a long time now and am pretty excited!
I've also purchased the paint I will need and have completed my initial experiments on small pieces of the neoprene. I can safely say that this is going to be FULLY AWESOME. The paint sets really well and survived quite a bit of abuse as I tested it out! Making sure that I don't cut short the ironing time is the key!
WARNING: When ironing neoprene, NEVER use a really hot setting! You can really damage your neoprene this way! Also make sure that you always put a cotton fabric between the iron and your dried painted neoprene. I used the second to lowest setting for my tests and it worked really well!
I do have a lot more to report, but I have to get back to the pile of work on my desk!