I tried using Latex paint for a cabinet I did this past summer. My fairly cheap HVLP gun required some thinning to get it to spray. The base white went on okay after much fiddling and spraying multiple thin coats. When I started using the stencils the results were terrible, I had bleed under the stencils no matter what I did. In the end I switched to rattle cans (basically automotive lacquer) and it worked great with the same stencils. So the viscosity of the paint matters a lot.
For reference, I live in Canada and my favourite automotive paint supplier can no longer sell lacquer or enamel car paints. I have to get the urethane based dangerous paints now or nothing. They used to mix custom colours for me and put it in a spray can. But for some reason hardware store spray cans are exactly what I want but I have to use the colours they sell.