I have an old 12' riveted lowe line that I just inherited. Im almost sure the boat has leaks from the look of it Would Durabak or Grizzly Grip seal the boat with the proper preparation?
On my 12' alum, rivited jon boat I reconditioned the bottom like this. I sanded it down a bit and around all rivits I used 5200 marine sealant and let it dry compleatly, than I painted over with gloss black rustoleum paint (thick coats). did that 2 years ago and still no leaks
Durabak or Grizzly grip are great products but not designed to seal a boat. To do it right, fill the boat with a few inches of water and look for leaking rivets. Ether re-buck the rivets or drill and replace them. Clean the inside of the boat and use a product like Gluvit to seal any leaks you can't find. You can use 5200 on the seams to stop the leaks there.
Not only will it not properly seal it, it will double the weight. I'd stay away from those coatings and go with something marine specific as Midnight Krawler suggested.