You will still have to do your filling and prep, you say your walls have loads of holes and dents in them.
As good as L/P is, it cant perform miracles, and even the 1400 which I use will not hide everything.
I still have to fill, as I know what will show through, I line at least every other job, so I have got used to how much prep I have to do.
It wont hid lumps and bumbs, and if you are going to paint, I would think about Matt,as soft sheen or silk is not kind to rough walls.