Patrick,
Depends on how you judge economical. When you consider the effort usually involved in hard coating large parts I think any product that can be applied quickly, and without extra equipment IS economical. Once you have your part coated you can then use ANY type of finish you choose (even solvent based since you now have a "barrier coat").
Your initial choice of styrofoam means that you will HAVE to make some concessions, but not many, in order to get the effect you are looking for.
There are many posts on this topic which can be found in the archives using the search engine, but I think you will find that for the most part people have eliminated MANY of the more 'commercial' coatings ( ie Styrospray, etc.) because of their tendencies to 'slump/sag"etc. The two I mentioned earlier can be hand rubbed onto the object in question, and they will stay in place.
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"Nothing is really work unless you would rather be doing something else....." Sir James Barrie