Here is my resoning with the paint: model paint, while very nice, is ungodly expensive for the minute amounts you get. in some applications it works imensly well, and I have had good luck with it. The aerosol cals, I have had less luck with, as all of my models end up either have a really heavy coat or a nasty run (or both). If I was to buy Rust-Oleum (I will use this as my main example as it is simply what I am most likly to use), I could control the paint-to-thinner ratio, and could also control how much paint was put down in a single coat.
You can get Rust-Oleum as simply a enamel type paint (not the garbage laytex). also, as Rust-oleum owns the Testors brand, I have my bets that the paint would be of similar quality, but also in a larger container that would have half a chance of making it though a couple of models at a bit cheaper price.
that is just where I am at, as far as price, quality, and quantity are concerned.
Side question: for a larger project, roughly how many paint bottles do you go though?