The 'stuff' you're referring to is for cement block. It's meant to keep moisture (not water in the sense of a swimming pool) out.
Like Henry has said, there is no real reason to 'alter' the brick unless you're planning on removing it anyway in the future. To understand why many-of-us are against what you're doing, you have to understand brick. Brick is meant to BREATHE. It's a clay material that's hardened in a kiln. In this process, the outer layer is hard but the inners is relatively soft. The reason it needs to breathe is because the moisture that gets absorbed (from any one of 6 sides), needs to get out. By sealing it with ANYTHING, you hinder this process thus causing the brick to prematurely age. And at very rapid pace. If you do such 'things' to brick, not only do you age it but you've turned a virtually, maintenance-free item into one that's IN NEED of regular maintenance.
Search the main Forum's page for the work 'brick'. Keep searching until you find no more posts. You'll see how many times this topic has come up and how many DIFFERENT people had something to say. I know this sounds hard but it aches my heart to see painted brick. 6 years ago, when the wife and I were out looking for homes, we saw a nice brick colonial in a great location. The ONLY problem, and I say ONLY problem, was the exterior brick was painted white. It was peeling and chipping and the brick, itself, was deteriorating. How sad to see a beautiful product facad look like crap. Obviously, we didn't buy it.
Suit yourself; it's your home. I do like to drink but at the moment, my head is clear. (So is my $.02 advice too, I'm sure.) My best to ya and hope this helps.