From what I have read, paint does not prevent outgassing of formaldehyde--but there are sealants that do. I am currently sitting at a Sauder computer desk I assembled in 1997 which gives me no problems now. It did in 1997, but I was less sensitive at that time. I remember looking at some of my furniture then questioning, "How can a piece of furniture seem to make me sweat?".
To me, "time" seems like a better healer of the material than a covering for it is. Personally, I'd like to avoid it altogether. I would like to avoid bringing any new materials into my home that place my sense of well-being at risk. My sense of well-being was bombarded while I was figuring out what my issues were. By the way, I don't think these aren't just my issues--I think I'm just a little more sensitive than most people to the chemicals that are showing up in consumer products and food. I don't think the chemicials under question are good for any people. Sadly, I think that he big picture here is remnicient of the way that tobacco companies defended the safety of smoking cigarettes (until not very long ago). I don't find this encouraging--and it bothers me that the USA allows the import of building materials that no other country will allow?!$$
Bill