I should add --
Whenever I'm doing a house I try to get all the prep work done first --
scraping/cleaning, priming, caulking, then finish coat. I haven't had a
problem with finish coat cracking when applied over caulk, but you have
to allow time for the caulk to set. This is why I say, whether you
caulk after priming or after finish coat, it doesn't matter. But, from
personal experience, I'd avoid caulking on bare wood.