If I can go back to basics.
Think in terms of different types of paint.
Enamel
Enamels are what we grew up with, Humbrol mostly though there are a few others. Some people swear by them and won't use anything else but they do smell (the paint, not the people!) These are thinned for the
airbrush and are good for hand painting. I have not used enamels for over 40 years so I wont say anything about their use but it seems that most people have moved away from these. I do lnow that these are very robust though.
Water based acylics
These are what are often referred to as just 'acrylics' so you do have to be careful. These are thinned with water or, better, the propietory thinner. The big producer of these is Vallejo who do two lines,
Model Colour for the hairy paint brush or
Model Air for the air brush. The
Model Air do not need thinning unless you are using them for effects or spraying at very low pressure. I would recommend a needle size no smaller than 0.3 for
Model Air. 0.2 can be used at a pinch with thinned paint 0.15 is too small. Other manufactureres are, Hataka, AK Interactive and Mig though Humbrol have a line as do a number of other manufacturers. Often the word 'aqua' is associated with this type. Generally in use these do not smell and that is why they are very popular but there are drawbacks. They do not stick to plastic very well so a decent primer is needed (dont use Vallejo's, it is useless). It simply is not at all robust and it can take a long time to 'cure' despite drying within a short period. You do need to learn how to get the best from them and be patient is using them leving lots of curing time between coats and take great care when masking. Colour ranges are extensive, perhaps some of the widest colour ranges you can get with lots of situtaion specific colours, you will earely need to mix, if ever. Be careful about thinning these with alcohol (i.p.a.) as some brands can just be turned into a gooey muck by it.
Alcohol (i.p.a.) based acrylics
Tamiya do line of these as do a few other companies. These need thinning for an
airbrush and do not hand brush very well. They can be thinned with water but I would recommend propietory thinners. They spray very well and are a step up in robustness compared to the water based ones. The colour range is perhaps the most limited. I would not use them for handbrushing though some do.
Lacquer based acrylics.
Makers of these include Gunze and MRP. A few other brands are bringing out lacquer ranges as well but the two I mention are the better known producers. These are the best type for airbrushing that you can get, MRP's lacquers do not need thinning and both companies have a huge colour range available. These are more robust than the other acrylic ranges. You cannot handbrush these very well, certainly not over other lacquer paint as the carrier re-activates the paint underneath. These are probably the most smelly of all the types and tend to cost a little more. Use lacquer thinners with thse though i.p.a. is good for cleanups.
Take care: Producers often make more than oner type of paint. MRP and Gunze for instance, have both lacquer and water based ranges and do so, I expect, because the water based paint is best for handbrushing and compliments the lacquer meaning they can be used together very well. Someone, like me, will spray with lacquer and paint fine detail with a brush using water based acrylics.
Of all they types of paint lacquers seem to be gaining most in popularity while enamels are being used less and less. But you do need a spray booth and be able to extract air through a window for spraying lacquers. If you cannot do that then use water based acrylics.
What I do:
For spraying - I use MRP as these are
airbrush ready and in my view are the very best paints that you can get for the
airbrush. They also come in large 30ml bottles and as I build large scale planes larger bottles are of use.
For fine detail with the hairy stick I use now MRP water based acrylics though Vallejo
Model Colour is as good.
For varnishes, spraying I use MRP (spraying only in light coats to not re-ativate the base colour). I also sometimes find it more appropriate to use enamel or water based varnish specially where it needs handbrushing.
For washes, AK Interactive enamel washes.