Yes I've tried it -
the red & yellow are oil.
I also use it on tanks, really watered down (with white spirit) to line the model.
Oil paint works so well as the pigments in the paints are very fine - much finer than any other medium.
I even have a video of someone airbrushing oils (one of Osprey's but I can't remember the title).
I'll dig it out tonight & re-post.