I've never used an airbrush so I can't comment on that but, as long as there are no rubber "O" rings or something that alcohol will affect in the airbrush, I don't see why it won't work. as for clean up, denatured alcohol is the answer for that.
I like using shellac because of the ease of it and altho alcohol does have a smell, it is not as bad as some thinners. And it is easy and quick to apply more layers of finish for a smooth feel to it.
Also, you can make any cut of shellac you might want. Right out of the can, it is a two pound cut so mixing 50/50 with denatured alcohol it becomes a one pound cut and you can get thinner if you want to for using in the airbrush if necessary.
Rog