Water-based paints, and I don't mean latex, aren't a problem if the polymer can't stand up to ultraviolet light, which by the way is also a duty of the pigment(s): keep out the ultraviolet. Black works best. This is an inherent failing of the color coat-clear coat system; there's nothing in the clear coat to prevent utraviolet light from breaking down the cross-bonding which comprises the solid paint vehicle, the clear coating. "Orange peel" is the result of improper reduction for spraying -- BTDT with Dulux a long time ago.

The problem with imron and similar "paints" is that they're isocyanitic urethane, and as such contain some cyanide. This guy I knew who worked for a paint manufacturer cautioned me that whenever starting a large job, like a railraod car, always to attach fresh, new carbon filters to my mask because partially used ones wouldn't keep the cyanide out. One of the symptoms of cyanide poisoning is a splitting headache. My chemistry professor once told our class that if this ever happens, keep walking around and don't lie down to rest. You might not wake up -- also seek professional help.