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I only know not to use emulsion on wood as when I painted my room back home as a teenager, I used emulsion on the skirting and architrave and my da near went through me with rage. It did of course all flake off over time. I did the wainscotting and dado in our current hall with emulsion as ms_com didn't like the sheen of the eggshell that we got in the same colour as the walls (used that on skirting and architrave for durability), but I made sure the beading and dado rail were well primed with the angry voice of my dad deep in the back of my mind.
Cheers.
The varnished finish has been removed and the surface probably keyed.
I thought I was taking a bit of a gamble and should have primed it first, I guess I was hoping to get away with the emulsion priming it. Stupid I know.
In terms of emulsion on wood, I've had success with dulux kitchen on mdf for a cooking stool. However, that is much thicker paint (so less water I assume) and I properly primed it as well as doing several topcoats.
I almost wondered about using lining paper to give a more wall-like texture but cba unless we paint the room a colour.