Another good source of paint for TFs is Krylon Fusion spray paints.
These are available at most hardware stores, Wal mart etc.
They offer excellent coverage and (obviously) don't have any brush strokes.
Just be careful to mask off the bits you don't wish to spray, and any rubber parts (the Krylon Paint does NOT stick to rubberized parts, like Movie Screamer's claws or wheels).
As for base coating, that depends a lot on the look you are going for, and if you need to normalize any paint (if you combined parts from a green and red figure, you may want to primer with a gray, for example).
If you are going for a "real world" look, painting with flat black and drybrushing will give a nice weathered feel.
If you want a "factory fresh" look, drybrushing is NOT your best bet. Spray paints and airbrushes work best for that look IMO. Jin offers some great tips for using brushes and avoiding brush strokes. His tutorials are very good for the beginner.
Another place for tutorials is over at figurerealm:
http://www.figurerealm.com/customtutorial.phpI'm a fan of the Tamiya acrylics, but have used Games workshop and other paints as well.
Some people swear by enamels. I've used them, and they give a great factory fresh look. Personally, I find them harder to work with. If you are new to painting start with Acrylics, they are water soluble which means they thin and clean up with water. Once you have a better feel for painting then venture into enamels.
I would also start by repainting a cheap figure you don't care about before starting with one you do like. Dollar store KO transformers are a good place to start.
Good luck and happy customizing.