Limewash is breathable and it is not advisable to use masonry paint on a wall that is supposed to breath , it will bubble off eventually and could damage the fabric of the building..
If you want a tougher limewash you can add a small amount of linseed oil to the mix or you can make a distemper, you will have to look it up but there is plenty of info out there.
Also you cannot just slap limewash onto a wall , it will craze and flake off if you mix it too thick and apply to thick a coat.
A 50/50 mix of lime putty and water will make a good limewash, wet the wall first as lime wash doesnt set by drying out , it carbonates and needs to be wet to do so. If the wall is dry the wall will suck the moisture out of the limewash and dry it too quickly.
Use a large brush and put thin coats on at a time , it will be translucent until it carbonates and it will then turn bright white, you will need 3 or 4 coats depending on what you are painting over and you will need to leave 24 hours between coats. I usually do one or two a week end and do it over a couple of week ends.
You can mist it once or twice with a garden mister if you think it is drying out too quick, the kind you pump up is good.
In my view limewash looks much much better than masonry paint , especially on a period property/cottage.