If you are looking to do something cheap, you can pick up any T-Shirt transfers at WalMart (light or dark) and use your own ink jet printer to print out your design. Then Iron it on with a regular hosehold iron. The directions are on the T-Shirt Transfer packets. (that's if you just want to do it the easy way)
It will bleed a lot. Just touching a drop of the ink you were thinking of using a T-shirt or scrap from one - it will spread dramatically. Silk screen ink is thick and is rubbed into position through the screen and has very little solvent in it.