I have mixed pints together and them airbrushed them onto my models. Usually when mixing paints you start with a white base. For some colours they start with a yellow base. I haven’t seen it done with a clear base though.
But custom mixing, for me anyway, is kind of a hit and miss proposition.
No reason you cant mix your own, but as David says start with a white base for most colors and/or take an existing shade and add white, black or primary colors to it to tint. It’s a long trial and error process. My paint store guy does a drop or two at a time, then dries a drip on a white card with a hair dryer to see the dry color. When I try to mix my own I always end up with black (http://www.largescalecentral.com/externals/tinymce/plugins/emoticons/img/smiley-surprised.gif)
Yup, I mixed a brown and yellow together once and got a pretty shade of gray. I was shooting for a darker yellow. So its best to go slow, a drop or two at a time, and sneak up on the colour you want.
Also, if its a colour you would want again, you should keep notes as to how much of this and how much of that to get where you want. Trying to match by eye, I usually end up a shade or two off. Of course, the real railroads ended up a shade or two off too.