Yes - you can use your airbrush & compressor for makeup, if it's a low PSI. As stated above, MAC makes a great airbrush foundation, and of course, it's very sheer, but it can be layered for extra coverage. If you're not very fond of it, there are many others who make it - TEMPTU is a great brand, and they've been in the market for years.
It's also really great for Hi-Def TV & Film, it's not cakey at all, and very light, so there's a lot of folks who are moving towards using it in the industry.
Sure, it takes time to learn how to do it well, but doesn't it take time to learn to do any makeup application process well?