I am always looking for ways to reinforce materials and my kids love to paint, too.
I could see this being helpful in subjects like Math -this would be much more fun than doing flashcards over and over.
Yes, this fits in perfectly with science. Science can be very hands on with experiments but that doesn't always make the connections with artistic, visual types. But painting a science topic...that might do it.
The more I think about this, the more applications I can see...how about painting a picture of an event or person from whatever historical area is being studied...hmmm