If all you got was the mid coat and swabs to apply, I would guess that it won't work. You need a base coat under the mid, because that's where the white comes from. The mid coat adds the pearl and the gold tint that comes out at the right angle. The mid coats should be fairly thin so the base can show through.
Yes, reduction is the correct term for thinning the paint. You are reducing the viscosity.
Are you trying for a show bike or just a 10 footer?
Depending on where and how big the chips are, you might be able to get by with a paint pen. Something in a white metallic or pearl might work. I painted my 16V RS, the one in my avatar, with Ford tricoat Platinum, color code UG, which, except for a slightly larger flake(and the missing gold tint) isn't far off the white pearl on the Special Edition. It's a current Ford color, so it should be possible to get a paint pen with that color. I would think it would be okay for chips smaller than 1/8" down low on the bike like your typical stone chips on the radiator and lower fairings. Not sure how it would look on the tank or the upper fairing, though.
Hope this helps.