Touch'n'Foam as a fairing compound...?

[Stephen Ditmore]

Has anyone tried using Latex/Acrylic Touch'n'Foam as a fairing compound?
http://www.touch-n-foam.com/foamlatex.htm
full product line at http://www.touch-n-foam.com/diy.htm
I'm building my first boat, a classic moth. My strip planking looks like crap, and I've come to accept that I'm going to have to re-fair and paint it. I don't want to add a lot of weight, though. This insulation foam claims that you can work it like spackle, and fair it. Says it's for interior use, though, unlike polyurethanes by the same manufacturer. I'm planning to epoxy & glass (just sheathing) over it when I'm done.

What do you think?

If this isn't the right product, what is? Does it really make sense to fair with epoxy + microballoons or MicroLite? How easy to sand & shape is that? Then there's Bondo...