2x is fine. It'll be stronger and heavier.
As for painting MDF, There's been a lot of discussion between oil vs. latex (water) based paints. But all agree you need to primer first.
Also, you will be better served sealing all the cut edges of the MDF prior to painting since MDF is very porous and can suck up paint and still leave a crappy edge.
So...go to your nearest store and get a big bottle of yellow wood glue (buy the cheapest...elmers wood glue is OK...Gorilla is overkill and a waste of money in this application...save the Gorilla for the main build.

). You will be mixing 1 parts water to 3 parts glue. I mixed mine up 4 table spoons at a time. So, 3 table spoons yellow glue and 1 table spoon water. Mix it thoroughly and use a foam brush to apply it liberally to EVERY cut that you've made in the MDF...dab that stuff in there with the foam brush. Make sure the edges look wet with the mixture as you go.
It will dry in about 30 mins and leave a TOUGH, sandable finish. Don't bother doing this on the outside of the MDF where you didn't cut.
Once it's all dry, use some 120 grit sandpaper (on a sanding stick or block where possible), to smooth it down as it will be rough. Don't think you're going to be sanding a lot out of the cuts...these edges are now very tough...rocklike. This will make the edges much harder to dent when you're moving stuff around. Still be careful, though.
Next, prime the cabinet with Kilz primer (or Zinzzer...your choice). I used latex (water based) since it's easier to clean up off brushes and doesn't stink. My cab has 2 coats of primer using a smooth knap roller and a good brush (I only use Purdy brushes).
It took a good number of days for my primer to dry, but that's because it was very humid out when I was doing all this. A day or so should be good if it's dry where you are.

For paint, the best I've found is the Rustoleum Painter's Touch Ultra Cover latex... After about 4 coats, it looks like a melamine finish...just a touch of texture. Here's the non-ultra cover...
http://www.homedepot.com/Blacks/h_d1/N-25ecodZ5yc1vZ1z1409i/R-100208855/h_d2/ProductDisplay?catalogId=10053&langId=-1&keyword=painter%22s+touch&storeId=10051Here's the hint of texture...this is a VERY closeup picture.

Just make sure you buy roller covers for the smoothest finish you can afford. I don't like the foam ones though..
I used just under 2 quarts of paint on my cab...and I painted the inside. Just make sure you use a new or cleaned and *DRY* roller for each new coat. A good brush helps too.

AJ
Those pine strips would have been a great idea but I already have a few 2 x 4's laying around now. Couldn't i just cut them down to size?
For an addon question what kind of paint should I use on the MDF. Any kind of spray paint or bucket paint that is preferred? I've heard that MDF is tricky to paint.