I am a very recent convert to the Johnstones range of water based glosses: their Aqua range. The undercoat is simply awesome and the gloss pretty damn good for a water based paint. It dries quick with no real smell but has just enough time in it to brush out. Although a short fake mohair roller works best. Trick is not too put on too much of either undercoat or gloss in any one go and, paradoxically, don't overbrush it/stretch it out. If you do it loses its shine.
Existing painted wood, use rough paper, eg 40 grit to 60 grit. For keying surface of painted wood I use 60 to 80 grit. For flatting undercoat or between coats probably 120 grade. I wouldn't consider 140 rough at all.
For painting on top of varnish or lacquer try BIN 123 by Zinser: awesome methylated spirits based primer/sealer
Cheers
Neill