I learned something very, VERY valuable at my Annie Sloan workshop. When painting stained furniture from the 30's and 40's use a coat of Zinsser Shellac to seal up the stain and prevent bleed through. For some reason the stain used during this time always bleeds through paint.
Here's an easy fix for those raw sanded down edges and corners that can ruin your furniture finish! After you've applied and sanded your last coat of paint, use a Q-tip to re-stain all raw edges and corners. | Pottery Barn Knock-Off Tutorial