Hm, I wouldn't see too much of a problem with that. Would have to be a little careful with the coloring, since spraying with acrylic based paints on any non-expanded fabric will stretch the color and reveal the "nude" shade. Maybe if you did light coats of paint it would work, but it would probably fade on the curves.
I would try water-based paints or inks, while using some cardboard to stretch the fabric to ensure even coverage no matter the stretch. The fabric might not appear too realistic (elbows tend to crinkle) but it would be much easier to put on and take off. I write based off my experience with Francis, since the tattoos I made are similar materials to the leotard you linked to.
Lastly, have you thought of checking the L4D forum? we have quite a bit of useful info there, even ideas for claws and proper undergarments.