From your discription of the problem you probably have a packing washer that is bad. This link will take you to a diagram of the VL broken down: http://www.dixieart.com/VLParts.html Part 21 is the packing washer.
If the packing washer is bad the airbrush will spit and air bubbles will appear in you paint jar or cup.
You might be able to fix the problem with a pipe cleaner soaked in lacquer thinner and run it thru the back of the airbrush where the needle goes. If a through cleaning of the airbrush doesn't fix the problem, you will have to replace the packing.