The only reason why I thought of using an oil based paint was because I had read that it holds up to moisture better than latex. I'd prefer to use latex since it's so easy to clean up afterwards and dries faster. I've put off asking this question, but might as well do it now....how would I repair the tiny hairline cracks in the paint? Some of them "radiate" from nail pops, others look like someone took a pen and drew lines on the walls. I was thinking of either putting a skim coat of joint compound over them, or just sanding them. At any rate, I'm going to but a fresh coat of primer on the walls since there's so many layers of "colorful" paint I want to cover up.
I bet just tearing out the walls and putting up new drywall would be easier, given the shape the walls are in. I just finished gutting out my attic, re-insulating, and hanging new drywall, so I'm kind of tired of seeing drywall, if you know what I mean?
And yes, I have already talked to someone in a professional paint store, and I intend on buying my paint from them. I only go to Menards if I'm desperate . :P Thanks for your advice =)