I used dryloc on 4 tombstones this year on advice from various posts. I have other tombstones from past years that were not dryloc'd and the ones that are just a 2" painted sheet look fine but the ones that were glued together to make them thicker show lots of wear at the seams and will need a little repair.
IMO dryloc is a good idea, it adds a durable layer and it has something like sand mixed in with the paint that gives it a rough texture. I'm thinking it will certainly help the seams.
Dryloc works just fine on foam but like terra said make sure its not oil based. I just finished a tombstone using dryloc and its by far the best stuff i have ever used.