I did a few $1000 sandblasted signs with custom mixed latex house paint, over quick drying Zinsser oil based shellac primer, and they looked awesome for years..
...but then on a different job, I painted 1-shot oil based paint over tan colored pre-primed 1x6 boards from Home depot & the crap practically fell right off... so I assumed it was a paint incompatibility... which led me to my theory...
...my new theory? I'd follow Si's advice...
regarding the vinyl choice, I'd suggest you wait 3 days to apply any vinyl.
A lot of us refuse to buy Avery for reasons i won't go into... but if I had new Avery vinyl today, I would trust it... I just would never willingly give them money or advise anyone else to... do, don't buy any more... but what you have should work if it's not 4 or 5 years old...