The billboard stuff is heavy and does not hold paint very well. I've tried. We use it for flooring.
A campmate successfully painted heavyweight cotton twill and cotton duck hangings, acrylics mixed with fabric medium. The panels run 3x6 or so, and are rolled rather than folded. We also have a canvas floorcloth which was painted will wall acrylics and craftstore acrylics, lightly coated with polyurethane spray, it holds up very well, no flaking at all. Can be cleaned with a hose at home.
Grommets will be your friend on hanging cloth.
Actually, the nice hangings went to a new home in a couple's split. I miss them.
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Colors ate more vivid when not dusty.
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I'm too jaded to think up a good sig-line. Need more coffee.