Hi Mate.
Yes Bambi will spray liquid mask - no problem. If you were doing a lot - I would buy a Bambi with a bigger air resevoir as otherwise the pump will be running a lot and it could get hot!
I bought a cheap car spray gun and use that for the liquid mask. Thin it a touch and it's good to go. Spraying the mask is MILES better than painting it on - it goes on like glass, you can hardly see it's there
Bambi is ace - when mine dies (if it dies) I will buy another.
Also - get a good airbrush - I bought one from Jon at RCS - was about £100, and is miles better than all the cheap ones I have had.