You might want to think about the walls a bit before applying all this
PVA and multiple test coats of cheap paint.

I think you said the building was 100 years old and the walls were
coated with lime plaster. I imagine there is also no cavity. This means
that your walls are likely to benefit from being allowed to breathe.
Layers of vinyl will not assist porosity.

Mind you, one advantage of cheap emulsion is that it may not be a vinyl
paint. Trade paints are apparently available for applying to fresh
plaster, and these are not vinyl based for just that reason. I would not
think that lining paper would present a problem in this respect.

--
Charles Lamont