Hey guys-
Have been away for a while with a move and switching to full-time work, bleh!, but have been doing a lot of what you're talking about on my build. I'm starting with wood, not foam, but similar, I think.
On a tip from Steve (I think) during Caseydog's build, I got an article from Wooden Boat magazine about canvasing boat decks. It sounded like a cool idea for waterproofing/sealing my teardrop, and I thought the texture would be kind of cool, too.
Following the article, we glued the canvas on with Titebond II...
then painted it with diluted TitebondII...
sanded and painted with exterior house paint...
I love the look, just now need to find the time to finish the trim, hang the doors...
Not exactly the same, but thought I'd share.

Will be looking forward to the tests!
Laurie