Using a water based latex primer on MDF is not a problem. Kilz is my preference. It goes on thick, and that's what you want. Otherwise, MDF will soak it right in . At least two coats, sand between each.
For a finish coat, I used bright red Rustoleum enamel on my mini pac-style cabinet. Rustoleum is easy paint to get, not too costly, and it leaves a very nice finish. Takes a while to dry, though, so don't be in a hurry. Definitely use a foam roller, or at least a very high quality short nap roller which won't leave the dreaded fuzz. Every dollar you save on a cheap roller will cost you 5 in the time and aggravation trying to fix what it does to the job. Foam rollers are good, but don't try using them on a second coat of enamel before the first is completely dry. I've seen half cured paint yank chucks of foam out of these when they start to run dry.