We just did this, and I remembered this thread. When I spray Latex on house parts (the only time I use it), we put oil based primer under it. Oil based primer is super easy to sand, and doesn't raise grain. One stroke in one direction, and one back, with 150 sandpaper is all it needs. In the beads in beaded board plywood, a fine sanding sponge goes up one side of the bead, and back down the other side of the same bead. Wipe with a damp cloth, and it's ready to put up, and take sprayed Latex.
This is beaded board plywood, and 6" wide "boards" ripped out of MDF. It will go up for a ceiling in a workout room.
I spray oil based primer outside, on a day when it's rained recently ( to keep down dust), and the day needs a light wind to carry the overspray away. The Sun, and breeze dries it enough to sand in short order. Obviously, this isn't done in a subdivision. Thanks for your concern about no respirator, but that's another reason for a windy day.
I keep a cheap HVLP rig specifically for spraying oil based primer. It has to be thinned a lot (I don't measure it) to be able to spray in the cheapo spray rig, but that just lets it soak into the cut edges of the MDF better. This sprayer is never taken apart. I just run some thinner through it, and don't even worry about it much.
Sorry, not my software that rotated the files. Paint left off ends of plywood because boards will be stuck up over joints with Powergrab, and very few nails.