I'm pretty sure the only reason he resisted before was because he was so 'inlove'(idk what to call it) with the learned sir, that he didn't wanna do it with Seungho, cuz earlier chapter's said:
"Learned Sir: Nakyum doesn't do things I dont like" and I guess when the learned sir said to him that he was born a prostitute, his heart broke. So then he didn't have a reason to listen to his learned sir anymore or what he likes. Also earlier chapter's suggested that Nakyum did like it, he just refused to admit it, along with painting it, because of his learned sir.
This is just kind of a theory tho, and sorry if this doesn't make sense
Your theory is correct to be honest all of what you said is literally spelled out in the chapters. Suengho saw through all the bullshit. Nakyum was basically a drunk because he couldn't come to terms with drawing erotica because of the learned sir. Yes Suengho was and still seems somewhat toxic but the man has is as sharp as tack. He knew that even the learned sir was up to no good.
I wonder what made him change his mind.... I see two possibilities : either NK wants something from SH or NK is experiencing the stockholm syndrome.
Either way, can't wait to see the answer !