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does anyone konw any flat paint quality standards?
Well, it sort of depends on whose standards you want to talk about.
The only universal standard I am aware of precludes inclusion of lead (Pb) in the mix.
Pity, that. The lead made it taste so good! That, and the fat you mention.
Someone who might know a little more (after you think your question through a little more)
http://www.specialchem4coatings.com/
Check ASTM and mil specifications.