Stain stain stain!!! I'd stain the whole thing with a rich cherry stain and then do a thin layer of white over and shabby and sand the heck out of it! let all of the stain show through!
I would stain the top and paint the bottom and legs white!
I would paint it, distress it and stencil something creative on the top :)
Old White first coat,then stripes, distress the heck out of it, clear and dark wax
If this were *my* table, I would probably paint each plank of wood in a different beachy shade - maybe one creamy white, one blue, one surf green, one brown, one cream? (if we must "paint by numbers" the annie sloan way, then 1-old white/2-provence & Louis mix /3 antibes & louis mix / 4-primer & oliver mix / 5-cream) HEAVILY distress, then seal with a poly product, because the waxing of a heaviliy used table top has NEVER worked out for me. Then I'd paint the base in either the surf green or blue, since I love color and I think the base would need something "heavier" than just white, so that the top doesn't look out of place. I'd heavily distress that too. Anyway, I hope you get my vision and it doesn't sound too crazypants. I did a piece like this, it's on my Facebook page if you want to check it out. www.facebook.com/stellarjunk and flip thru all my albums till you encounter a project called "Courtney." I loved the look and the piece sold very quickly for me. Good luck with your project, and Stiltskin, I love this concept! :)