I wouldn't recommend trying that. I tried it once, and the food coloring seeps through any paint you spray over it.
@ troutgnat, you shouldn't have any problems spraying Wal-Mart paints. I use them a lot, and they spray well when properly thinned. I use water to thin my paint, and I usually thin to about the consistency of milk or a little thicker. The Wal-Mart paints do seem to take more coats than createx to cover other colors. This is particularly true with the white Wal-Mart paint, but on the other hand the black will cover just about anything very easily.
Hope this helps.
Ben