Either one = water based or oil based. I’ve used both. They apply well. They cover well. They wear well.
The ONLY consideration is weather. If it’s cool or cold…oil based will dry more quickly. But…if it’s a gorgeous Summer evening…or if you’re in a year ’round warmer climate…use water based = latex. You’re right…the clean up is easy.
Water over oil???…yes. Do not be afraid. Pull the trigger. The paint…assuming it’s a good paint…needs a semi rough surface to get its “fingers” into so that it can “grip” the surface. Therefore…by the time you’re asked to do a Re-stripe…the old paint IS roughed up “a-plenty” and the parking lot IS too. Pull the trigger. Don’t look back.
P.S. Brand new asphalt is pourous. Therefore…either type paint can grip it easily.
Good luck. Keep in touch.
P.S.S. What type of machine do you have?