I've used the aerosol spray can stuff from Duplicolor for other projects. I used it to spray the plastics on my motorcycle and it did extremely well. 2-3 light coats and it wears like iron.
After reading a few of these threads and how the foam does with different resins and adhesives I figured I'd see how foam friendly it is. All I had to test it on was simple Styrofoam which didn't do well at all. It melted it completely.
Not familiar enough with these high density foam panels to know how they compare to such things. I would think that one would be best served priming it with something first, though?
As for cost and coverage, I used less than half a can to do 3 coats on the plastics on the bike, which included the front fender and the fairing that goes around the seat (the bike is a SV650 for reference sake) so it would seem that it goes pretty far.
A one gallon can is supposed to be enough to do a 6ft bed. So, my guess is that one would probably need maybe 2 gallons to do an 8 ft teardrop?
If, for some reason, it can't be made to work with the foam it could certainly be used as an alternative to metal on anything wood sided. So, if you're cladding the foam with luan it's effects on foam would be negated, wouldn't it?