fiberglass wallpaper

I intend to cover the outside of my TD with fiberglass wallpaper. I have used this in the house, and it is lightweight, strong and... relatively cheap.
This is what it looks like at the house, painted with water-based emulsion paint:

Of course, the woodwork will be waterproofed first, then the fiber put on, then painted (several layers) in high-gloss white yacht paint. It should look much smoother than in the above picture.
I'm not too sure, however, on using the standard glue for it, since it is water-based. Would the synthetic paint adhere (enough) to it?
Any thoughts, anyone?
---------
Willem
This is what it looks like at the house, painted with water-based emulsion paint:

Of course, the woodwork will be waterproofed first, then the fiber put on, then painted (several layers) in high-gloss white yacht paint. It should look much smoother than in the above picture.
I'm not too sure, however, on using the standard glue for it, since it is water-based. Would the synthetic paint adhere (enough) to it?
Any thoughts, anyone?
---------
Willem