the short answer is no
it does not atomize the paint the same way we need , I am sure someone will come on and say it will work, but as a painter( both cars and houses) They are not made to work with the materials we use.

That said, will it spray paint, yes, could you use it to paint models,,, yes, is it a good solution, no, just like the Preval spray apparatus, it will "work" but it wont work!

Its actually even more involved than that, its about surface tension within the paint material and the way it lays on the surface you spray.

an airbrush does not take much of a compressor, in fact, when I airbrushed t-shirts, I used a large compressed gas bottle of CO2 to drive my airbrush instead of a compressor. I could get about 60 hours of use out of a large bottle. I used an oxygen regulator to control the pressure to the gun. Its clean dry air unlike some issues you can have with a compressor. Not to mention I could set it up anywhere without having to string extension cords all over creation

  The CO-2 tank is a plastic modeler's trick also, especially for people living in apartments and such. If you don't have a tank, look for old soda fountain supplies and beer tap stuff. Most don't use CO-2 these days. CO-2 is cheap also. Badger has an adapter that fits the valve stem on a tire, or you can adapt to one of those portable air tanks dirt bike riders use. If you fill it from a know, dry air source, you should have moisture problems.
   Type at you later,
    Dan McEntee

I agree with Mark. I have used one of the airless sprayers to spray epoxy on an OTS Guided Whistle. I got the finest nozzle they offered and reduced to normal spray consistency. It worked, but what it does is lay on a pretty thick and heavy coat when you do a "wet" coat. My approach was to do a dust coat then the wet coat, still it put on much more paint then desired and lots of overspray.

If you are using dope to do the base and color you could use it, you will likely build up the base in 1/3 the number of coats. Also let it dry a day or so between coats because of the extra material being applied. For the final finish let the dope gas off for a week or so then wet sand the last coat to get it flat and use something with a little less flow for the clear coat. I have used the Preval spray bottles,  they work fine if you are going to buff it out or can accept a pretty good but not perfect finish.

Best,  DennisT