Another thing I've had success with is boot wax. Though it takes WAY longer to treat/retreat and let it fill in all the holes.
It's melting temperature is very high so you usually need a blow drier/heat gun to apply it. Then you have to let it sit, scrape off the extra, then reapply, repeat, repeat. Once it's done it's completely waterproof and not tacky to the touch.
I like your idea better
