The Rub-R-Slate will waterproof the papercrete, for sure, and not need a thick coat to do it. Bays' information is amazing to me. He developed the stuff prior to the widespread use of plastics and latex paints.
This might be off topic, but I use the papercrete from my tow mixer (shredded office paper, mostly) in Bays' formulas instead of the shredded cardboard. And I don't always strictly follow the exact recipes. My experience has been that almost anything goes when it comes to this.
I had some rental property with a door that had rotted at the bottom, below a 27" by 50" double paned glass panel in the door. A replacement at Lowe's was over $1100, so I figured I had nothing to lose to patch it. I managed to put several pieces of plywood together for the panel at the bottom, but the sides were really deteriorated at the bottom and wouldn't hold screws. I mixed up several cups of RRS 24 and applied in in several layers. The instructions said that RRS would shrink, but I didn't notice it. I was planning on just a 'patch' to last several months, but it turned out so well that I decided to paint it and not worry about replacing it. I also tore up some old roofing shingles into small pieces and soaked them in diesel fuel for several months and it worked as well as the AE that I bought from Lowe's several years ago. (I call that 'Alabama Cut Back'--the asphalt from the shingles melted away from the fiberglass in them. I wondered about
using the fiberglass in the tow mixer, but didn't have time to experiment with that before I left town for the summer.) Just some info....
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