I did something similar to this when I made a wing for my race car. I used fiberglass fabric over EPS foam. But instead of resin, I used Glidden Gripper primer, which adheres very well to EPS foam. I could have used cloth instead of fiberglass, but there is a surf shop near where I live and I decided to try the stuff out. To get the paint up above the weave pattern, I added a thing called microballoons to the paint. They're a neutral (and lightweight) filler that gives the paint more volume. I applied it with a Bondo-type squeegee and it saved me from having to do multiple coats in order to bring up the surface above the weave.
The fabric over the foam wing:

Using a roller to saturate it with the latex primer:

Here it is dry, but with a clear weave pattern:

The microballoons give the paint the consistency of thin pancake batter:

Here's the surface after one coat of the thickened latex paint.

At that point, I sanded and put on a finish coat of latex epoxy.

An additional coat and some more sanding could make the finish even smoother. But this was good enough for my purposes. The wing is not very pretty, but I only bolt it on for trips to the race track:
