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I'd worry about toxic fumes -- most solvents that can dissolve styrofoam give off really toxic fumes, and you definitely don't want to breathe in the styrene!
Another concern is that the resulting compound is probably easily degraded by UV. Add to that is that the coating may be brittle if it undergoes wide temperature variances.
But if you want to waterproof a subfloor where a shower is going to be it's probably superb.










