Hey dude, I've got an idea of something that would give you that doll vinyl feel/textue. I've not tried it and I'm not an experienced maker so purely a speculative suggestion!
There's a product designed for making moulds (i.e. an alternative to silicone) labelled "remeltable PVC compund". I bought some from Hobbycraft a week ago but have yet to use it (although the page for it seems to be missing from their site right now hence the Amazon link below). Whilst it's designed for making moulds I see no reason why you couldn't cast something with it and it feels, to me at least, just like a vinyl dolls 'skin'. The one in HC is made by Trylon whereas Amazon sell Gelflex but it looks just the same. If you decide to give it a try get the white/beige one as the blue one isn't flexible apparently.
Not sure which paints would work best. You could try contacting another supplier called Mouldlife and ask for some technical advise. These guys supply into FX make-up and prop companies, http://www.mouldlife.net/ and I've always found them very helpful.
I've made stunt knives with it and we sprayed the acrylic silver into the mould first, let it dry and then poured the material. Other detailing was done using Tamiya acrylics.
Short term it was very good, but I've no real experience long term.