There's a good discussion concerning splatter at http://privateerpressforums.com/showthread.php?131357-Airbrushing-details-highlights-how-to-avoid-splatter . Normally I'd say splatter comes from paint that is too thick, especially if there is any blockage in the nozzle. Get that thing absolutely clean - look at the nozzle toward a light and make sure you can see a nice round hole - even if it's small. If you can't see anything, it's clogged. I have a reemer from Harder Steenbeck that's excellent for clearing any nozzle. You can also use some kind of interdental brush with a fiber brush at the end- cheap and found in any drug store - and then very gently put your needle through the nozzle. That will shove out anything clogged. Clogs can also take place in the hole right behind the color cup leading to the trigger. Interdental brushes are great for these too. As noted before, while painting have a damp paint brush there to clean off the tip every thirty seconds or so.
If your spray is trapped between splatter and running you may have a paint issue. Water based paints do have a little learning curve. I always use very low psi with Vallejo (either MC or MA) with pretty thin paint - you should be able to put on a very smooth thin coat - four or so of those will color the model well and not obscure surface detail. Never start on your model: use a paper towel or an old model to begin on and when things look good move over to your kit. Pledge does work as part of a thinner, but only in very small amounts. Pledge dries slower than your paint (not much, but slower) and too much will cause a crackle finish. Easy to fix, but a waste of time.
I'm a great fan of water based paints and have scores (maybe 200) of Vallejo and Golden Paints. But for future reference, if the airbrush is not your friend with Vallejo, I'd be the first to admit that Tamiya Acrylics (they're actually lacquers - note the toxic and flammable warnings) thinned with either Gunze or Tamiya lacquer thinner (much better than Tamiya A20 acrylic thinner which is glorified ISP) and you should get a very good coat. Tamiya's thick bottles have disadvantages but they do allow you to mix the paint very well - I definitely recommend a Badger electric paint mixer for about $10, or mix the paint around very well after it's been given a good shake. Vallejo and Golden paints seperate very fast and you must give them a very good shake. (High Flow has something metal inside to help mix it.) You can figure out many ways to get a modulation effect using Tamiya paints - prime a tank totally or partly in black and that will help. It's easy to change the hue by adding white or (probably better depending on the color) yellow or gray. A lot of modelers use oils for fading and that certainly works. I think pigments can do the job very well too. Those modulation sets are clever: someone like Mig Jimenez or Adam Wilder makes modulation technique popular and - bang - a company affiliated with them shows up with a 6 bottle modulation set. Overkill in my view, but I weather armor hard and fine points disaper.
Not knocking Mig. He's one of those modelers that could make a good kit using color crayons. Mig himself gives a two and a half hour (two parts) "master class" on painting. It's in English and covers a lot. Check on YouTube: "Mig Jimenez Painting Master Class at IPMS".
Eric