I use a Paashe VLS airbrush with Tamiya acrylics with great results! Tamiya paints have been fantastic...they look great, have a high tack and I have never had cracking or any issues...Over all very reliable (EVen after opening a 4 yr old bottle!) My only beef is the limited selection of colors. Nevertheless the benefits far outweigh the negatives for me!
YEs you can thin with Isopropyl (Though I have never tried) I bought a $10 large bottle of thinner for diluting and cleaning and have had it for about 5 models (1/48 scale models) I use syringes to transfer and waste very little so I don't waste and save money. The paints lay down well when thinned with the Tamiya thinner. I usually mix 1:1 but depending on results sometimes change the mix. (Again some of my paints are VERY old and I'm to poor to buy new ones, so I have to thin the old paints more! Basically you're looking for a milk like consitancy!
I find by testing on an old model first I can tell if the paint is mixed properly. I make sure my psi is set around 18-25 and spray. If the paint spatters and looks flaky on the model you need to thin more. If the pain doesn't dry up after 10 secs you're probably to thin (or you're spraying to much) You'll get the feel!
I'm not sure what you mean by CFM??? perhaps clarify and I may be able to help out! perhaps you mean psi (refer to above)
I don't know about whitewashing!
Good luck
James