Well, I've done a little bit of refinish work on solid body guitars, but pretty much all of it has been with a spray finish. If you're look at doing a pattern (like something along the lines of, say, a checkerboard) then I recommend using spray lacquer or enamel. You can mask a body using either painter's tap (pain in the ass if you're doing anything other than stripes) or you can use sign maker's tape, which comes in sheets and can easily be cut with an exacto knife.
As far as types of paint, Lacquer is the best, because it will breath and expand/contract with the guitar. It also ages better, but is less durable. You can buy some basic colors of lacquer, as well as clear, in spray cans at your local hardware store, but if you want a particular color, stewart macdonald sells cans of manufacturer matched paint, or you can look at a hobby store for model making spray lacquer. Both options are more expensive.
Enamel gives you better options as far as color, but coats like a poly finish, which means it doesn't breath or expand, which somewhat reduces your tone. That being said, it is much easier to find more colors and is more durable than lacquer. It is also generally less expensive.
I wouldn't recommend acrylic paint, since the water tends to raise the grain of the wood, causing it to rough up, and need to be sanded smooth again. Also, the water will cause the wood's tone to change, due to it absorbing the water.
IF is was painting a guitar in a detailed pattern, i would probably use an airbrush with enamel and sign maker's tape for masking.
This is a pretty good step by step of what I would do.
http://www.jimfogarty.co.uk/Luna%20Guita%20Airbrushing%20Stages.htm