Don't laugh.

I have an old "floating lawn chair" that has plain old styrofoam for the float. It is getting a bit ratty, and I have been TOLD (by the better half) to get rid of it. I thought of prettying it up and keeping it, but want to seal in the foam. This has become somewhat of a mission.

Can I use fiberglass resin and cloth? Or will the resin eat away the styrofoam? Would white latex paint work to seal it first, then glass over it, or would the paint be durable enough?