I did an experiment recently to try the papier mache technique with latex paint and fabric in place of the flour/water mixture and paper.
For a base, I used a wadded sheet of paper. Over this, I put three layers of fabric strips saturated with paint, all in one go. Then I let it dry, cut it open, and removed the paper.
The result looks about the same as regular papier mache, although the fabric texture shows through. The difference is that it is more flexible and resilient, and a bit stronger. From making homemade piñatas, I know that papier mache is stronger than it looks. I can tear the latex mache, but it takes some force. It is also much more permanent; papier mache tends to deteriorate and attract critters over time.
I'm not sure if I am going to use this technique for making Halloween costumes or not, but it is certainly an option.