Ghost, it layers perfectly, successive thin layers have no bad effects on previous color. Just mask and shoot.
Does not need thinning, I've tried that with lacquer thinner for experiment, negative results.
Alclad is lacquer based, do not use water.
Be sure it's completely mixed, shake until the appearance of the contents are uniform throughout. Look at the bottom of the jar when you first pick it up, shake until that bottom sediment layer is gone.
Patrick