It depends on the software you are using. In Promotion or Grafx2, which have a paint mode which lightens/darkens pixels,
it really doesn't matter -- just do what seems to produce the clearest result. In less advanced programs, I would probably render the form of the object first and then texture it.
More subjectively, I believe that it's very helpful to think of the object as a 3d wireframe mesh. Hence I also think rendering the form first is likely to make it easier to map the texture onto the surface correctly.
Anyway, if it is as I suspect and you haven't really tried Grafx2 or Promotion, grab one of them (grafx2 is opensource and free:
http://code.google.com/p/grafx2/ , promotion has a trial version.) and try to use the shading facilities* to mimic an effect you want.. it's pretty enlightening and can really help your work flow, experience with these shading tools.
* for grafx2, a quick intro to shading:
1. draw a filled white circle (first color in the 3rd column)
2. rightclick on the black color in that same gradient to set it as BG.
3. click FX, then the 'QShade' button
4. select the brush tool (or something -- whatever you want -- rightclicking on the brush tool button until it turns into a blob gets you the contour-fill tool, which can be rather fun..)
5. rightclick to darken, leftclick to lighten areas/pixels