Yes, it is perfectly viable. The two main issues are correct thinning / reducing & toxicity.
There doesn't seem to be any hard & fast rules regarding what thinner / reducer to use, so you may have to experiment a bit & the paint will have to be mixed thoroughly & strained before use. Drying time can be considerable (several days).
Many oil paints (more specific to the colour than the brand) contain ingredients which weren't designed to be used in this fashion, so adequate respiratory protection & ventilation are a must - I don't think that spraying oils in a domestic setting would be wise.
There are a few thread on wetcanvas about airbrushing artists tube oils;
http://www.wetcanvas.com/forums/