Real Time Texture painting and mesh wrapping (Foldify like)

Hi,

I want to propose a project to a client in where I will need to apply texture painting and mesh wrapping on an Android and iOS app. I basically want to take the idea used in the Foldify iOS app. Video here: http://www.youtube.com/watch?v=j-1j_oc7HF8

I want to paint and unwrapped texture and be able to reflect the painting work realtime on the 3D mesh.

I am not an expert on the matter, so I have read about possible solutions to develop the app using Unity. I know that Texture2D could be used, not sure about the performance and stencil buffer and shader could be needed.

I wonder if some can tell me if doing the stuff Foldify does is possible to implement within Unity and if it is the right tool to do so, and also which topics or tools I would need to read or use to achieve that.

Thanks!