20 year old latex over varnish badly cracked
The kitchen in the house we bought 20 years ago was 30 year old knotty pine, presumably varnished. We painted over it with latex paint. I have no idea what preparation we did but likely light sanding (maybe liquid sand) and washing with TSP. Clearly inadequate. I think there was some cracking of the paint when we repainted 12 years ago, but not much. Now, a few areas are OK and some isn't too badly cracked but a lot is very badly cracked.
Removing the latex paint and properly preparing the varnish would be a massive project. Can I get away with thoroughly preparing the existing surface to provide plenty of tooth, filling the paint cracks with joint compound, sanding, and painting with 100% acrylic latex paint? Is there another alternative to removing the paint? Thanks.