||11-22-2012 08:36 PM
You should use a sanding sealer and then a primer on pine---or a combination product. A tried and proven sealer for pine is 1:1 PROCESSED (not raw) lindseed oil and a solvent like paint thinner or mineral spirits. You just have to wait out the solvent evaporating and do a light sanding before putting on your enamel underlay primer. Finish with two coats of finish.
Something like Ben Moore's porch, floor and patio paint would give you good factory color choices (or a custom mix) and the oil based product comes with urethane reinforcement and the waterbased with epoxy reinforcement. The paint might hold up better to tools nicking it than standard exterior or interior paints.
I saw a custom toolbox with truck bed liner sprayed on the interior and I bet that held up pretty well. A local place that does truck liners would probably do your toolbox interior for next to nothing when they were doing a larger project? I suspect an auto supply store sells the stuff in some form too?