Sometimes when you need to know, you just need to have a go yourself. So I did and whilst the results are not perfect, I can say that (with some practice), it does work. A while back I made my first foam Pred Bio and used ABS sludge to seal it. ABS sludge is simply melting ABS in acetone and when the acetone evaporates, it leaves a skin of ABS over what ever was coated in it. It worked, but the sludge seemed to set paper thin in places and now that bio is cracking. I wanted to do something different that would provide a stronger (and yet still remain fairly light weight) coating to my 2nd Bio.
The hot glue works very differently because if adheres to the foam (temp pending) really well. If not hot enough, it will peel. It also melts into itself so you can make a complete plastic case over your part. I found a good way to apply the stuff was to use a fresh glue stick that I dipped the end of into the pot. Of course it melts as you go, but it allows you to work the hot glue into cracks and seams.
The finish however is not as good as I had hoped and it varies from awesome to, well yeah maybe that was not the best idea. Could be my technique, or could also be the fact that I had previously coated this 2nd Bio in Plasti-dip a few months back and the with very hot, hot glue, the rubber skin on the foam was actually melting causing some bubbles. Those that have used hot glue to join their parts know all about the "spider webs" and the cools thing about this is that a quick run over the project with a heat gun will melt them into the surface and you can end up with a nice clean finish.
So in some parts where the hot glue is thick enough, the result is a very smooth, hard plastic skin. Not so nice where the hot glue is thin as the texture of the foam can be seen and even felt where there is no glue. The beauty of the hot glue is that it can be built up and is useful for filling cracks in seams. You can also coat a part, let it set, apply a little heat from the heat gun and bend it into a new shape. When it cools, it can hold that new shape. Tonight I was able to curve the back of the rim on the Bio upwards using this technique which previously I had not been able to do.
I also used it to fill and shape the contours of the cheeks. I ran out before I could totally finish the mask. At around $2 a pack, this is certainly an affordable way to coat your foam parts. I am just using a stainless steel pot on a single element portable stove to melt the glue. Worth a go, but probably not recommended on your Iron Man build.