For water based paints, you could paint your base coat, then spatter with liquid frisket, then paint your final coat after the frisket sets. Spray your final coat and remove the liquid frisket. I've never used it this way, but I don't see why it wouldn't work.
Edit: If trying this you may want to put a coat of Trans base as an inter coat clear before putting the liquid frisket on, to protect the base layer.