Currently, I use the Crossway ESV single-column journaling Bible with the plain black cover. I chose this one because I could decorate the cover any way I wanted, and although I've gathered the stuff to make that happen, it is still just a plain black cover. I really like this one, though, because when you open it up to work on the pages, it lies flat.
That makes it easy to write or draw in the margins. I'm not a painter, so I haven't tried using watercolors or acrylics, but those who do tell me the Bible is good for that because it does lie flat.
The Bible has somewhat thicker pages than a standard study Bible, but you still have to be careful what you use on it. There are pens and highlighters made specifically for Bible journaling, such as the Pigma Micron pen (comes in black and several colors and in several point size tips) and I've heard the Zebra Eco Zebrite Highlighters are superior to others. No bleed through.
If you are going to do inductive Bible study (explained here you will probably want to invest in these.
As for paints, I'll leave those to the experts, but I do know it will require some page preparation beforehand.
While the Crossway ESV is one of the more popular journaling Bibles, it is by no means, the only one. Wide-margin journaling Bibles have been published in nearly every translation. So check your local Christian book store or Amazon.com to see what they have available in your favorite translation.
Some new Bibles will be making an appearance soon. Many have eagerly anticipated the arrival of the Tyndale "Inspire" Bible which contains 400 ready to color illustrations in the margins, colorable chapter headers and lots of space to do your own drawing. It was due to come out the first of February 2016 but delivery has been pushed back to mid or late March because of the demand.
For those who just want more room to write or draw there are a couple of options.
The ESV interleaved Bible, with one blank page next to each page of text, is scheduled for release Feb. 29, 2016.
Prices for these Bibles vary from store to store.