I know it's an old post but, thought I could offer some advice.
I built some studio furniture last year using MDF. My process was to seal with a PVA mix (1 part PVA to 4 part water). Do one coat and then sand with 180, then do that process two more times. That should be sealed and smooth to work with for the face. The edges draw up more so apply more heavily and maybe an extra coat and sand.
Painted with Black satin paint, sanding after each coat x 3 and job done.
Now the most important thing I found was using a particular kind of roller to get a great finish. I made the mistake of trying another on one coat and it looked terrible. The roller I use is made by a company called Hamilton, it is called Flock mini roller. It's is a sponge roller but it has a second layer that is like a very fine short hair which seems to stop any kind of pulling of the paint which can look like orange peel effect.
Trust me on the smooth finish as I ended up driving 10 miles one Sunday morning to find another they are that good.