Good lord when we was kids we made boats from nothing but sticks and feed sacks and painted them sacks with all the old paint we could round up and stirr together. Why you making such a complecated issue out of painting the bottom of a wood boat?
Round up all the cans of oil paint you can find, and a bunch of canvas cloth that ain't rottin and have at. If you can't find feed sack go get some burlap over to the fabric store. Put a good coat of paint onto the bottom and press the fabric into the paint while still wet. If you afraid to get paint on your hands use some drycleaning bags over the fabric, and use one of them small paint rollers on top of th e plastic to roll the bubbles out, or just a good round rolling stick. Tack the fabric up onto the sides to cover where the boards meet up. Then you sit back and let it dry, pull the plastic off and trim up the fabric. Then you put another coat or 2 of paint on, let it dry and you got yourself a dryfoot boat. Fact for true, you don't even need the wood boat if you want light that a kid can handle, just frame up the shape and tack cloth on, then paint both sides of the cloth a couple coats.
If you can't come onto oil paint get a bucket of the plastic roof coating, without the fibers and use that. Thing about the roof coat though you going to wear some every time you use the boat, but you can solve that mostly by dusting rice hulls on the plastic stuff before you go boating.