Whether it is oil or water based shouldn’t make a difference to the number of coats.
If it’s actual damp they do nothing. They are tougher, with better barrier properties and more opaque to hide what’s underneath. If there is damp then it’s likely it’ll eventually blister or peel off.
They are good at hiding stains though.
I’d go for one of the big brands. Crown, Akzonobel, Valspar. Go for a product that says it is designed to do what you want. They make stain and damp proof paints. The scrub able ones are also better in this regard as you can clean them.
In many ways I would have thought a water based paint, particularly the primer/undercoat would be best. That’s certainly the route you go down with green concrete where you can’t be sure of the moisture content. It allows it some ability to dry and cure with the surface it is painted on. An oil based would have more chance of being incompatible.