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If the wall is smooth (flat, not out of plumb...you get the idea) an inch will work, little tight, but it works
Or
Consider an EIFS system without the EI and just the FS, The finish system, I don't know if it will bond to the paint though, hopefully someone on here knows more about than I, but the finish product is less than 3/8" provided the wall is flat, smooth, etc.
Trowel on a base coat, embed the fibermesh, trowel on a second coat...next day primer coat, then finish coat...you can do the finish in Orange just to make me happy...I may even visit to see it in person
The base coat sticks like crazy...it's full of polymer's, the stuff will stick to glass, so I would assume it would stick to the paint...provided the paint is solid on the wall...not flaking or loose/hollow sound when tapping the wall, etc. This is the stuff we use to parge ICF blocks from just below grade to where the finish wall begins.
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Chris
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