I know it is risky, but I think the benefits outweigh the dangers. I used the Kilz Premium base coat sealer.
I went with this due to it's waterproofing and mildew/mold resistance. It's almost as if I triple proofed the mold out. I sanded it all down, I cleaned it with mold cleaner, then cleaned with bleach, and now covering with mildew protectant.
Here are some photos of the completed coat. I am not going to re-coat and I am not going to paint a different color. It's the inside of the stand, and the purpose is not to look good, but to serve a purpose.
The risk I do run into potentially is having some wood chip off somehow and it falling into my sump and contaminating the water (mildew stuff). The sumps do have covers and the coat is a good seal so I am not too worried, just something I need to keep an eye on at the start.
Sorry had to use flash on my phone so it looks super white.