You would coat the entire base in white got2blued (yellow bottle) or another water soluble product. Spread it on thick, make sure it seeps through so that the topside of the lace is also coated. Yes, vaseline is great for this, but it will be a huge pain to get it off the lace afterwards. With got2b glued simply rinse it off afterwards.
Wella Koleston Perfect is usually the best looking color but a demi color like L'Oreal Excellence Creme in 3 or Wella Color Charm Demi-Permanent Color in 3N/3-0 would bleed less and fade slower on the overprocessed hair. Use a 10 vol developer. I'd go with Wella. If you MUST buy the L'Oreal Excellence Creme kit from the pharmacy instead of separate color and developer, mix the developing creme included with water in a 1:1 ratio and only use half of it.