My friend undertook the same project as you, so I asked her. She showed me the bookshelves she painted. 2 were with a water based paint, not good. The water base permeated the covering or (wood looking material). The other 3 were with a high gloss enamel. They look great. Not sure what will work for you, but thought you would want to know her problems (to avoid having your own).
I would think that you could paint the pressed board furniture, if you first painted it with Kilz or a similar primer. Your colors sound wonderful! (01/19/2006)
Prime first, then use an enamel paint. Latex enamel works great if you don't like the oil paint smell. (01/20/2006)
Is this pressed board actually paintable? Can you do a test section?
I would actually go neutral in the tan family just because you may want to change your color scheme in a few years and want the entertainment set to blend in instead of needing re-painting.
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