Well, I can't help you too much with the paint, but inlay I know.
First practice practice practice. Instead of starting on an expensive finger board, start on on a 2x4 and make your first inlays out of some cheap wood or plastic. To cut the pearl you will need a jewel's saw and at least one package (12 blade) of 02 wire. A dremel will be a necessary tool for the routing, but is also very handy for getting the edges of the numbers smooth. Use the large sanding drum where possible.
A good place to get the pearl is www.RescuePearl.com. They take small orders and their prices are pretty good. Plus, they are one of the few places that will hand selected certain size, color, or figure pieces for you if you request it.
If your inlay are going to be that wide, be sure to get the .06" pearl. you will need the thickness to stop from blowing through the edges when you sand it down. I would suggest getting a radiused sanding block too. Get one the same radius as your fingers. Not sure where to get these since I make mind myself.
Sounds like a fun project. Good Luck!!!