Oil vs latex seems to be a bit like asking what the best front-end is.
Personally, I chose latex due to clean-up ease, and everything I did turned out just fine. I suggest at least one layer of grey primer (white will work also), sanding in between each coat of primer and paint. 3 coats of paint should be good. And I also suggest you use a foam roller as you will get the smoothest finish that way (unless, of course you're spraying).
Good luck.