Rich,
I mentioned using water base paint in the early stages of the building of my Mig-3.
I used water base artist's acrylic. I've Posted many photos and a great deal of text as the model progressed.
Plenty of info at "Paint and Finishing" and over at CFC Graphics vendor's corner, where the build took place.
Artist's water base acrylic has some issues but nothing to set your hair on fire over. High up the ladder for scale detailing and finishing, and I would use water base paints again on a scale model.
For a stunt model, probably not.
I cleared the model with a 2K auto clear out of an aerosol can. This product has been talked to death on the Forum in many areas. I've used it on my 007 Skyfall Flite Streak, that P-40 Ringmaster and just recently, the ARGO International.
I won't change this winning game unless someone comes forward with a better product. I'm always looking for "better," or "easier."
Remember, I've used auto clears on my R/C pattern ships as far back as the 80's.
The Mig-3 didn't come out as well as I expected, but it was used as a "test bed" for these paint applications, including experimenting with vinyl as surface detail.
Good luck!
Charles