I am going to be using Vallejo Ice yellow for the hull bands on my HMS Victory. Never used it for airbrushing, only normal brush work.
Can it be mixed with water ? And if yes, is it the normal 50/50 mix I would use with say Tamiya and thinner or should I go a bit more paint heavy if I’m using water ?
I see that color name is Model Color.
My recommendation is to primer the plastic first as Vallejo can left off easily in my experience. I would lay down a white coat first to help with coverage. White primer would work I think. I find Vallejo to be temperamental, so I would use their thinner. A drop or two of Vallejo retarder is also very useful. Depends on the airbrush and local environment factors to the ratio of paint to thinner.
HTH
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John, I use Vallejo Model Air a lot for my models and I usually thin the paint with about 30 % Sidolin Window Cleaner (the clear one, not the blue one!). That works fine for me. 3 drops Sidolin with 10 drops paint. You can also use water. But you have to test it yourself until you’re satifsfied with the result. Maybe you like 50 % better. The more thinner the more transparent the paint gets. Best is to try it on white paper. Another aspect is your airbrush. Some don’t like Vallejo, some do.
Good luck!
Torsten 
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Is it model color or model air? Model air should be good to go from the bottle. Model color can be thinned with water, I do it all the time. 50/50 should get you in the right ball park. I usually do about 75/25 for brush paintinb
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For best results with Model Color,use their thinner and flow improver.I use a 10-2-2 mixture,has worked flawless for me,I have reduced it to 5-1-1 for small jobs.I also spray it over Tamiya primer.
Never let ISO alcohol anywhere near Vallejo for thinning or cleanup
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Thanks for the replies guys. I will take all that on board and try a few test shoots with those recommendations 
Yes, use ISO only if you enjoy disassembling your AB and giving it a thorough cleaning.
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