Yes , Yes and so far I only have used it with the new CandyO2 in which it is designed for. But have painted everything from card stock to metal with out issue, Like any new product there is a small learning curve. Also depending on where you live you also may want the http://www.coastairbrush.com/proddetail.asp?prod=Professional_Automotive_Reducer&cat=256, You still have to put a clear coat to lock it all in and you can use the transparent base to lock layers being the intercoat does allow colors to bleed through .
You can also watch this put out by David at Coast Airbrush TV http://www.coastairbrushtv.com/Auto-Air-Candy2o-Colors_p_134.html
Pearls Yes but not through an airbrush unless it is like .5 or bigger.
Yes you can use it lock down your candy to stop bleeding where the difficulties come in is say you reduce your candies with the inter-coat then use it again to "lock down" your candy thats where the problems can happen the 2 layers of inter-coat will migrate to each other...here is what the AutoAir website says about it.
When 4030 is used as an inter-coat over base candy2o colors, 4030 should not be applied a second time as additional application of 4030 can re-activate first application allowing candy’s dyes to bleed though subsequent colors. Instead, use 4004 Transparent Base as a non-reactive barrier between subsequent candy applications.