Repainting a sealed block basement wall
Something better? Get some oil-based paint from 1975. Related: How do you choose when to use oil vs latex paint? 

I'm just messing with you (they don't make real oil-based anymore), the problem is when you try to paint oil-based over latex, not when you paint latex over oil-based, which is what that green goodness probably is (oil-based). So you're probably good to use either "based".

Your required surface prep sounds minimal: wash the wall with TSP or the equivalent, and go nuts. Do not use sandpaper or abrasion to prep; that green-goo likely contains lead.

Spraying is always an option, but masking off everything had better be worth it. Add to that, the time it takes to clean the machine, the cost of it and its hoses and spray heads; over spray drips; stiffer learning curve, etc.

I've sprayed entire factories when it's worth it; a single room or a basement isn't worth the trouble, unless there's pipes absolutely everywhere making rolling it unfeasible.

$20 in painting supplies, plus paint, will get the job done in a few hours. If you're looking for an excuse to buy hundreds of dollars worth of stuff however, don't let me stop you ;)