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Because different paints have greatly varying drying times, mixing paints as you suggest can cause cracking and flaking over a period of time as some of the paint quickly solidifies while other areas continue to contract and dry. The real damage may not be noticeable for years but IT WILL eventually become a BIG problem even if it's not immediately noticeable.
Look at it this way -- kerosene and gasoline can both be used for fuel, but would you mix both in your gas tank? Of course you wouldn't. Would you use interior latex mixed with an oil-based primer or lacquer to paint your house?
Different paints have different applications FOR A REASON. Yes, if you want to use house paint you certainly can, but you shouldn't mix it with artist's colors or other house paints with a different base.
Also, masonite panels can be a real problem if you do not prepare them properly. If you are using untreated masonite a coating of gesso is highly recommended. In fact, two coats would be preferable, with a light sanding in between coats. For treated masonite a gesso or stain-blocking primer is imperative, as the chemicals used to "treat" the masonite can have adverse affects, especially with oil-based paints. Also, the treated masonite has a surface which cannot breathe, which oils need in order to dry properly. As with the untreated masonite, sand in between coats of primer in order to create a better surface for your paint.
To get some artist's oils at reasonable prices, try ebay. There are many listings for boxes of gently used paints. Just make sure that when you buy you make sure that you are buying the proper paint. I once confronted a dealer who was selling water-soluable artist's oils without telling his potential customers. I only knew this because I recognized the brand and am familiar with various product lines.
Finally, you might want to visit the DU Marketplace and ask if anyone there has some paints to sell. You never know! :)
Good luck!
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