If you want to "paint", you will be repeatedly applying a colored shape to the cursor location. Typically, you would use -mouseDown: to begin the application of the paint image and -mouseDragged: for repeated application (tracking the mouse). You would probably lock focus on a NSImage object, apply the "paint" to it, then tell the view to draw the part of the NSImage you just changed (this means the coördinate systems of the view and the image object have to line up properly for the drawing to show up right under the mouse.
The brush will typically be a small shape, like an oval, rectangle or path outline defined in NSBezierPath. -stroke will outline the shape while -fill will paint it in. Use the method that seems appropriate for your needs (you could write the code, test it with one method, then test it with the other).
Or you could use a NSImage to serve as your brush, drawing it into your target image the same way.