Anyone try that new water-born alkoid (oil) paint?

I got some from Benjamin-Moore... oil paint in a water base!
It's quite thick, it says it can be sprayed... I put some in my spray gauge which is supposed to run out in 45 seconds but it took a few hours... I don't know if I could ever water it down enough! I just have a hand held Wagner sprayer, not a compressor.
Doesn't seem to cover as well as the old melamine paint... I put 4 coats and sanded it down with 320 grit screen paper and hit wood!
Any tips?

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