Dimensional paint works the same way, so a third option. And I just found dimensional paint with glitter made by Anthropologie (spelling might be incorrect) and this dimensional glitter paint is gorgeous. I've colored modeling (model) paste with acrylic paint, but I just don't think I could do a decent glitter mix in the paste and the ready-made glitter dimensional paint has it all mixed up ready for you.
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"May your mind whirl joyful cartwheels of creativity." - Jonathan Lockwood Huie.