Wash the aged primed coat and check for chalking afterwards. If still chalked, re-prime no matter what, it's exterior work.
Can be primed with any primer,latex or oil.
2 finish coats will not put too much on, unless your painter is completely mill-thickness unaware. It looks thick and creamy in the can but when it dries it is half the thickness of old oil house paint. 2 coats properly done will probably last 10-15 years, depending on other maintenance aspects of the house.
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