The bonding agent in most latex paints IS a glue - polyvinyl acetate ( PVA) which is the same as carpenter's glue.
A glossy finish can need some roughing with sandpaper for better mechanical adhesion, but you should have no chemical adverse reactions.
Another thought for your plywood is to see if you can buy MDO two sided. This is a smooth faced ply with paper finiish used for signboard in exterior locations.
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