In order to seal the wood, with Pond Armor or anything else, the wood will have to be thoroughly and completely dried in order to apply the stuff. Most pieces of wood that would be chosen for aquarium decor have a complex and convoluted shape with plenty of nooks and crannies...you mention that yours is hollowed out...so applying the coating in such a way that it completely covers and seals every inch of surface will be tough. If the surface isn't fairly smooth, i.e. if there is much in the way of grain structure that can be seen and felt, sealing will be even tougher. Depending upon how "hollowed out" the thing is, how will you apply the sealant inside the hollow, and how will you be certain you haven't missed a spot or two?
If you miss anything, water will enter the wood at that point, negating any advantage you think you have gained...and likely causing the sealing layer to start separating from the wood which will likely look like hell.
If you manage to actually get the whole thing sealed up well, you'll need to be careful with the wood inside the tank, so as not to damage the coating at some future point with rocks, etc. Not only that, but that sealed wood will never become waterlogged and sink; nothing worst than a piece of wood that is always and forever trying to bob back up to the surface of your tank.
IMHO, you're trying to create a project that has numerous pitfalls, and virtually no benefits.