Re: $50 Paint Job
I've been through a few manufacturer courses on several different brands of paint, Ralph Lauren, Glidden, Behr, Kelly Moore and Rustoleum to name a few.
There is no such thing as a waterproof one part paint. The best you can hope for is water resistant and that does not apply to products that are submerged.
People think that Tightbond III glue is water proof. Well it's kind of the same thing as paint. It's water proof as long as it's not submerged and subjected to the hydraulic forces of water.
Unless I was really short of cash and absolutely needed my boat to be in the water as soon as possible, I would not paint my boat with Rustoleum.
Who knows though, given the right circumstances, you might just get away with it.