Swandive,
While I dont claim to be an expert on the subject...I have recieve lots of advice on this in the past. It seems everyone has thier prefrence and a product they swear by. I used to use "specialty" thinners (basically the thinner the paint manufacturer recommended)....well this got real expensive quick.
For MM enamels I use a low-odor mineral spirits purchased in a gallon jug from Wally world! I think I paid $5.97(roughly 2 bucks more for something low-odor)...I have had no problems using this product for general brush cleaning...and as a thinner for washes. I have not however used it for airbrushing...Im still using model master thinner for that(actually I havent used my airbrush in about 6-8 yrs)...For MM Acryl or other Acryl products...I use regular tap water or Denatured Alcohol for brush cleaning....The same goes for Tamiya paints....so far Ive had good results with using these.
Is there something better out there to use? Im sure there is. Will you get other recomendations? Im sure you will....taste and personal prefrence has a lot to do with this.
As far as airbrushing with the "product" you bought I cant comment on that...because of my airbrush not being used.
Hope this is of some help.
You may want to experiment with it and see how it works for you...if so look foward to hearing your results.