I do have to cast stones at my betters, but I think Joseph Marranca's article in the current issue of FSM may have a way to use artist acrylics but it does not have the best way. (He's not kidding about GAC 200. If you use a water based modeling paint that doesn't take masking well, give it a couple drops of GAC. Just be aware that it's gloss.) Some points:
1. Student (or craft) paints like Apple Barrel are much the inferior to artist acrylics made by companies like Golden and Liquitex. (There are several others: I'm very keen on a Canadian fluid acrylic called Triart.) The only reason to use craft paints is that there are more colors and they're cheap. But artist paints have a lot of colors and are made to be mixed. As even the most expensive artist acrylic is less expensive than model paints, it's a false economy. Although it's nice to see some attention paid in FSM, the artist world more or less considers the modeling world too small to mess with. You have to go to them, not vice versa. Many here would not equate airbrushing and Golden or Liquitex. A trip to YouTube might be an eye opener. The most serious air brushing in the world is done by professional graphic/decorative artists. Check out Chicago Airbrush Supply (best place in the US for a brush I think). They've got a bucket of accessories for graphic arts and almost nothing for modelers.
2. You don't use water in large quantity with artist acrylics. Use what they recommend: that would be airbrush medium and airbrush extender. Golden has very detailed data on their paints and mediums. Start at:
http://www.goldenpaints.com/technicaldata/abmedium.php
http://www.goldenpaints.com/technicaldata/abtranex.php
http://www.goldenpaints.com/technicaldata/airtips.php
http://www.goldenpaints.com/technicaldata/airtip2.php
I might point out that Golden is one of the finest paint makers on the planet and they offer a good selection of fluid acrylics which are the best for modelers. (Ironically some companies, Golden included, make airbrush acrylics: they're for fabrics and work poorly for models.) I do admit that everything in this post either came from Golden who I approached a year ago about using their paints (they were very helpful) and many hours following their advice. I now make half my kits with Golden or Triart paints.
3. The only solvent based materials you'll want is "Flow Aid" and perhaps "Flow Retarder" - both stuff you mix highly diluted with water and another product useful in other arenas.
4. Artist acrylics work extremely well on plastic. They do, however, need something to initially grab onto. A standard primer will do the trick. So would a combination of Airbrush extender and GAC 200.
5. The ups to use artist acyrlics: marvelous colors, super mixing characteristics, ability to essentially design your paint. Once you understand how to use them, they're very good for "modulation" techniques that work best with very thin paints and low psi. If it means anything, they are the least toxic paint you can buy and the mediums are likewise very user friendly. Also, a familiarity with the basic mediums will allow the modeler to use them on other paints - many of which they work very well on. A store that caters to the arts crowd is also a fantastic place for supplies like Xacto stuff, tweezers, dyes, thin tipped graphic pens, paint brushes of every description and pigments that are cheaper and better than MIG or AK. The down is that there is a little learning curve and you aren't going to get straight military colors. You also will learn to keep your airbrush clean. When properly thinned, artist acrylics are a delight to work with. But because they're suspended in a fluid polymer you don't want the stuff to dry in your airbrush. Blast it out with water, windex or standard airbrush cleaner and you'll be fine.
The ideas suggested in FSM may be okay for a simple coat. They would be very good if you want to start a kid in modeling. Student and craft paints are made for kids and they're very easy to clean and pose basically zero threat to anyone's well being. (My wife's pupils were known to eat temperas.) But I strongly suggest anyone interesting in checking this stuff out to use products from the best manufacturers and use the techniques they suggest at least to start with.
Eric