As an alternative to PMF, I think it sounds like a good idea. Fine for someone who wants to build a camper on the cheap, use it a few times a year, things like that. Plus, it can be patch-repaired with the right adhesive or plastic welder, both things within grasp of Joe Homeowner.
But as a permanent "industrial grade" 20-year exterior coating?

Direct sunlight will bake just about any plastic. I think the recommended "lifespan" of an exterior vinyl banner left outside 24/7 is 1-3 years. RV and commercial roof manufacturers have been struggling for years to develop EPDM, PVC and TPO - both plastic - membranes that can survive the rigors of RV use and long-term storage. Plus, don't most plastics expand a good deal with heat? That might mean some sagging of the skin during summer, or some fracturing of the adhesive during winter. I think EPDM roofs need to be periodically serviced because the seams widen since the EPDM is always shrinking/growing.
Again, I think it's a great DIY idea! I would just design the exterior so as you can easily replace it when the plastic reaches the end of its life. Just imagine if a tree branch gashes an entire side! I'd hate to remove that with a "permanent" adhesive.
Let us know what you find out about the best adhesive. 3M, of course, will probably have something ...