We've had to re-sheath an entire house because the  particle board membrane could be pierced by poking your finger through it.3.) 

Because there are so many particles in the air and no one knows where the dust will eventually settle, I'd want to see bigger potential gains than with the numbers you are estimating before I'd jump at it.

Everything I've ever read states the airborne particles of asbestos settle to a surface within 3 days. 

I usually have good results spraying with Ultracide aerosol (repeat every 7 days to break the breeding cycle).

And yes, that's particle board on the walls. 

If for some reason that is not agreeable with your tenants, then you are stuck relying on shelf liner.A few other options are: 1) let the process take its course and know that you will have issues to deal with in a few years, although these are relatively durable products assuming proper use and damage control 2) try to water proof them with a fast drying brush on lacquer product or an aerosol product (several thin coats)....never done it but don't see why it couldn't work or 3) after step 1 is complete and it has been a few years, you can sand down the bubbled up cabinet bottoms where wet plates and cups were set and put new 1/4' hardi-board????

It was made of particle board and was deteriorating from age, moisture, and I think the roaches were nibbling away at it.

If you install a second peace of plywood or particle board on top of the first one.angle it out and then cover the surface with lino etc as instructed any water leakage will run out and the tenant will become aware that the sink is leaking before the cabinet rots.

I've found the all wood chinese cabs to be the sweet spot: cheap as the home center stuff but no particle board at all to rot out.

Started ripping out carpets to have a replacement installed but discovered a particle board subfloor that needs to be replaced throughout the unit.