Here is a link to a Red-Kote page...
It says it will fix pinhold leaks, but bigger than 1/32nd should be fixed and then coated.
Plusses - drying time, can be thinned with MEK for faster times and can recoat in an hour or so. You can pour it in and drain it out and re-use it for the second coat or second bike.
I ordered a quart here - $21 + shipping - (it was $34 on eBay)
and I plan on doing two bikes this winter, once riding season ends.