There are about 1000 threads on this.
Dacron.
Be sure it is heat shrinkable, 9oz and up is generally used for kayaks and canoes.
Kudzucraft.com is recommending a 11.5oz currently.
gentrycustomboats.com has some information.
Up to 16 oz (possibly more) is available.
Coating
Spiritline has a 2 part urethane specifically designed for kayaks, etc., it seems difficult to get a smooth coat (I've never used it)
I have used 2 part urethane automotive clear coat (supposed to be sprayed but I also brushed it)
Oil based house paint
Concrete paint.
One part urethane varnish (I've used Minwax marine type)
Latex house paint has been used, but I'm scared.
Plasticote has been used but is supposed to be heavy (typically used for coating tool handles, etc)
Dave Gentry (shown above) has used a single component adhesive (PL100, 200, 400 - I cant remember the brand name) in a caulking tube

Don't use Boat paint polyurethane enamel - it is too rigid and cracks with local flexing - I have 3 boats I need to reskin.

There is another suggestion option on gaboats.com which I can't remember.

Anything you do with Dacron will be significantly lighter than the original skin.

Have fun.