This is one of my major things, and although you can buy the more expensive textile acrylics, plain old acrylics work just fine. All painting (as opposed to dyeing) deposits pigments on the surface of the fabric and changes the hand. But if you keep the acrylics thin, you'll have no trouble sewing through them. I just very occasionally have to wipe down my needle a bit.
I've got a whole bunch of tutorials on fabric painting techniques
here. Many of these pieces that I painted ended up in beaded and/or thread embroidered quilts and other objects.