naplak is correct about the reason for the paint appearing lighter, it is the way the light is scattered as it passes through the air. This is the same reason that Green hills look like blue hills from 50km away. This is an extreme example, but it is the same thing. It is called 'Diffraction'. So yes, there is some science to scale effect.
However, my oppinion is that it really only comes into play in a practical way for us modellers when you are talking about a model with different paint colours next to one another. Take any cammo scheme, and look at the aircraft at around 100 feet away, the colours blend into one another. It is only when you stand much closer that the contrast between the colours looks clearer.
On a 1/72 scale model, if you have the two colours straight out of the tins, the contrast between them is often too great. if they were both toned down a little, the contrast would be less and the 'Look' of the model would be closer to the real thing.
I would not advocate lightening up any colour if that was the model's over all colour, after all from one type of light to another (high contrast sunlight to dull overcast) the paint colour will appear different. It is the relative contrast between the colours as they appear next to one another that is the more important thing when it comes to scale effect.
These comments are based on my experiance as an airforce photographer ie someone who has a practical understanding of light, and someone who works around aircraft all day.
As for lightening green paint with yellow verses white, you are after reducing the intensity of the colour, not strictly lightening it. To mix yellow would lighten the green, but the green would still have the same concentration of colour it had before, just lighter. Use white and you produce a less intense version of the green. Defraction causes the colours to appear dull, this is one of the things the eye uses to interpret distance and perspective, that is why some modellers choose to imatate it when producing a little version of the original.
Phil