3 EASY STEPS Painting faded velour or screen printed logos
Lay the item out flat. Position a piece of paper under the area you're going to paint, in order to prevent any soak through.
Use a painstakingly small brush. Brush on as much paint as you can, without it heavily soaking through the fabric.

When done, DO NOT use a hot iron to fix the paint. Even if it says so on the bottle. Just leave your masterpiece for a day or two in order to dry. White vinegar may be used to fix the paint but I have not tried this yet.

If you need more information. A good place to ask is in the rec.crafts.textiles.misc newsgroup.