Actors do it all the time and it works very well for them.
Most Helpful Girl
I consider it acceptable if they use a little.0
Most Helpful Guy
Look at this 5m:56s in: it depicts newscasters without makeup (not well, though). You can see the flaws on both of the actors' faces, and in particular, you can see the "5 o'clock shadow" of the guy's beard - something you aren't used to seeing on clean-shaven people on TV.
In real newsroom situations, with ultra-bright studio lights, the effect would be even more noticeable (the movie clip was from Tim Burton's Batman, which was a dark movie).
So, yeah, under camera lights, where the lights are bright enough to penetrate several layers of skin and reveal every flaw, makeup is a necessity just to look "normal."
But in the real world, where most of us aren't under studio lighting, it isn't necessary or even wanted.0