A: If the viscosity of the latex paint is too high for your HVLP spray gun then I do not suggest that you add excessive water to thin it. If the paint vendor suggests that you do not add more than 20% water, then I suggest that you treat that as the max. When you over thin the paint you can change its properties to your disadvantage.
Using a mixing stick to meassure paint viscosity is not much more cedible than sailor stories. You cannot, I repeat cannot measure the viscosity of a waterborne latex with a mixing stick.