I bet once it dries it not really any more flammable than a comparable sealer, but I really doubt it's much better on average.
Modern paint products are quite extensively researched and formulated, I think it would be hard to mix something on your own that competes. On the other side of the argument, a lot of old school paints are now illegal, so it is possible that there is some benefit in mixing your own. It may just be possible that some of the old products were "better" in regard to being more effective, but less "green." Regardless I would definitely want an scba and probably a full mask when mixing it up. Some of the old paints are illegal for quite good reasons including extreme hazard to the person applying them. Old lacquer paints actually had cyanide in them that would relase in the body over time.
If you play with chemicals know what's in them... Or at least don't breathe it.