Paint, per say, is not what you should be looking at. Look at it as a pair of shoes, then call several furniture stores in your area that specialize in leather furniture and ask them for some restoration ideas.
Paint will not hold, will crack on a flexible surface, and will look terrible. It is not intended for that application. PLEASE DON'T PAINT YOUR COUCH! (Jim shudders!)
You should be able to recondition the leather, and polish it,