For inside the stand I use a couple coats of primer, then a few coats of white latex exterior.  I also seal the bottom several inches with flexseal.
For the outside of the stand it depends on your plan.  Primer and exterior latex if you decide on paint.  I prefer the look of wood, however, so I use stain and then several layers of General Finishes exterior polyurethane.  It's water based, so almost no smell as it cures.  I used it on a neighbors Green Egg cart about 10 years ago.  It's held up remarkably well, although he does cover it between uses.