As for consistency of the paint (ie how it should look when thinned) this guy has painted the method quite a bit and he's made a short quicktime video showing his consistency.
From looking at the video and everything I have read it seems the consistency should be similar to milk.
As an update, I now have the real Mineral Spirits to restart. For the 2 layers that I already had applied I simply took the sanding block to it with 100 grit and took most of it off. I'll probably get a coat applied again tonight and over the weekend I will post my results.
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Niteshade 1966 Mustang Coupe 289 2001 Honda Accord 2004 Toyota RAV4