Ouch! So sorry to hear that.
Honestly, you can use whatever paint you are comfortable with. I mainly use water based paints, they are easy to use and clean up.
More than likely, you will need to said the chips down to a smooth surface. Wash off the dust. spot prime the area. repaint/touch up and seal your work.
You may need to do a little putty work, I would suggest picking up a small bit of Aves Apoxie sculpt to do any putty repair work.
http://www.avesstudio.com/
I wrote this a while back, but this may be of some help to you:
http://www.statueforum.com/showthread.php?t=10982