I have several Kangol hats, but I have never seen a camo version. They are wool, and I don't know how the paint would do on wool. And, as you said, they are a little pricey to paint. My wife would do some serious physical damage to my anatomy if I were to paint one of my Kangol hats......
Walmart has great cotton Driving Caps in several styles (Ivy, Irish, Newsboy, etc...) for just $10.99. I think I'll get a few of these, paint them, and see if I can sell a few at a Flea market, or one of my gigs. I could use the proceeds to buy more fly-tying and boat stuff.