I'm not exactly sure what you're going for, but (if I'm on the right track) you may be able to get the look you're looking for by using body paint on the model. Something like Alexa Meade does (although her finished work is digital).
Regardless of the health concerns (and they are real) I don't think your best option is any kind of photographic process.
First, there is the matter of 'delay.' You'll have to paint the substance onto the model and develop it to see the result. You would be much better served to use black, white or gray makeup.
Second, if you don't get the application right, you'll have to take the stuff off and do it over. If you use makeup, you can tweak and fix things up until it's right. Then, in the middle of everything, you'll have an on-the-spot inspiration and want to change everything.
With makeup or paint, what you see is what you get. Not so with emulsion.