I've been using grey Krylon primer followed by a very thin coat or wash of black paint.
I went with purple & grey for something different and striking. I still need to decide on a symbol/blazon/device/badge/whatever-you-call-it for the standard and possibly on other figures in the future.
My fondness for this range of figures just keeps growing. They look nice in photos online, but they are even better in person. The proportions, the crispness & detail, the poses, the concepts -- all awesome.
On the one hand, I'm looking forward to the Kickstarter, but on the other I've got to come up with some money to pledge towards it. I think I'm going be digging through my existing collection to sell off some stuff to fund a shedload of halflings.
While waiting for putty to cure on another project, I cleaned up some recently stripped Oldhammer figures, and took the plunge and assembled the Lord of the Feast. I ended up covering the awful arm joint with a band of putty. That should help reinforce it too, since I didn't pin it.
My thought is that the Lord of the Feast will join the Life & Death elementals in their old rolls in Warhammer, as "daemons," or lesser avatars of various gods.