Yeah, but Krylon Fusion a paint designed for plastic, not wood. It works on plastic because it bonds on the molecular level. It does not work so well on wood, and certainly not well enough on wood to seal it from moisture... although it does state the paint will stick to wood. Also, Krylon Fusion is not a Latex Paint. Holding a can in my hand right now, it can read that it says Lead.
As far as Drylock goes, theres been far too many complaints on here about it to trust it... thus leaving really only 1 reliable option: Pond Liner. Which I've already suggested. That stuff Guaranteed to last atleast 20 years too I might add...