It would most likely work but i REALLY do not think that is the way you should go, that product sounds a lot like the sweetwater paint i used on my tank. http://www.aquaticeco.com/subcategories/3048/Epoxy-Paint-1-Gallon/paint/0
It would seal the wood off but its no where near as tuff as fiberglass. On my tank, I fiberglassed the inside then painted my tank black useing the sweetwater paint. The paint would not stand up to punctures as much as the fiberglass.