Yes, but if you thin it down you will surely have runs. It is pretty thin stuff already. I would just spray it at regular consistency. It may look like the "Orange Peel" affect when wet but it levels out when dry. Also, you can wet sand the imperfections out, and buff out to what sheen you want.
I have done this a few times with my Graco Finishpro HVLP sprayer at about 8PSI. I used the same technique as I would use when I painted my R/C airplanes back in the day or applying lacquer to cabinetry or furniture . I thinned out the Tru-Oil at a 50-50 mix of Tru-Oil and real mineral spirits (not the crappy enviro-friendly version of mineral spirits). making sure the viscosity was correct for the nozzle and PSI... HVLP is kind of fussy about that critical mix weight. Make sure there is good ventilation going on. Your painting area should be totally dust mote free (no air born dust and do not blast your sprayer around causing motes), I find early morning to be the best time to spray as everything has settled over night.
Be aware that you should fill in all pores of the wood first with applications of Tru-Oil in the hand applied manner then wipe down and let dry, perhaps for a day. You want the pores to be filled in well. The spray application leaves a VERY shiny piano type finish of a high gloss. Many guys do not want that. ALso you may have to experiment with the ratio and PSI as with the airbrush you may get some amount of pebble or drying depending on the distance and humidity in your paint room.
I then finished the job after a few days drying with Behlen's Deluxing Compound then final coating with Renaissance Wax.
I've tried the aerosol version of true oil and found it too thick and very hard to not have a run problem. With an air brush the material is very thin and you only apply a light coat.
Star4Ever, Thanks for the input. You have answered my question. My stock has approx. 10 hand rubbed coats, steel wooled or sanded between coats. The spray coat is for the final gloss coat only.
Aerosol cans of paint etc. always seem to give better results if the can is heated under hot tap water and shaken frequently until the can doesn't cool down at all when shaken...meaning the contents are as warm as the can. Aerosol cans produce a finer mist when heated this way.
Wild Bill was pretty specific on this subject a while back when he said to, of course, get the foundation right and then spray a very very light mist on from farther back than suggested on the can. It wont look good so dont even bother looking at it. Let dry and should look amazing. Says he has done many over the years and got great results. Just passing on what has already been covered. BUD