short answer, no.
Water base paints are limited to basecoats, which need a hardened clear.
Im not going to into the details about what makes paint work, but don't bother until you have the money to get it properly painted. I have repainted one of my frames, back in the learning days, cutting corners, three times. This is neither fun nor environmentally responsible. If the factory paint is in good condition, which is more or less an indication of its quality (look for creeping rust as this indicated de-lamination of the primer to base metal), it is fine to scuff well with not finer than 400 grit, shoot base or acrylic enamel (no clear needed), and clear. Just like tuning a derailer, paint needs practice, however retuning a derailer is free and easy, re-painting sucks/ is boring.
Barrett