well I can tell you what I have used in my paint ups I use createx paint and to make sure it doesn't crack off like you said with paints unless there actual latex paint
you need to mix it with an adhesive called pro-saide it makes the paint stick to the mask so when it bends it doesn't crack off and when you touch it it doesnt smudge off
then you need to use a sealer to seal in the paint and pro-saide most people and myself use monstermakers perma-wet it gives a shine to your paint job and makes
sure it its sealed and doesn't smudge off so with the pros-aide I dont mix it with the paint to run it through my airbrush I paint it on the mask on a different layer with a cheap
airbrush now you can also mix latex with paint to make a similar mix to pros-aide I haven't personally done it I'm more than happy with my airbrush paint createx and the pro-saide
hope this small info helps ya.