I am not familiar with your additives. I think CMC (assuming you perhaps mean carboxymethyl cellulose) is a thickener. It appear to me that latecol and acronal are both acrylic resins?
Anyway, the question is what are you going over and what do you want it to look like? At minimum you need lime and marble dust and pigment (which works), but that will only stick to lime stucco. Moreover, your colors will be somewhat weak. That is probably why your friend added pine oil. If you are going over paint or drywall, you either need some sort of synthetic additives (like acrylic) or a hybrid basecoat that bridge the gap. You will also have make additions to give it high sheen (if you want that). You might find a hardener necessary, since lime is usually very slow setting. The acrylic resins probably did that.