I dont see why not! You're margin of error wil be small though, since cheese cake tends to absorb things. I have tried painting the top before, but a solid color. I havent painted the sides, because of the crust.
When you say "decorate them like other cakes," do you mean cover them with buttercream and/or fondant?? Or do you mean add fondant/buttercream accents like flowers, borders, etc? I've never used fondant or buttercream on cheesecakes so can't say if it works or not, but I sometimes cover cheesecakes with ganache and it's awesome.
OMW cheesecake with ganache over it, I just died! :] hehe
I do know that my friend who is a baker, she makes a redvelvet cake with two layers and the middle "filling" is a cheesecake no crust, and she ices it like a regular cake so you don't know until you cut in that there is a little slice of heaven in there! 
Not sure if that helps you though...
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