It's a relatively soft plastic and I don't think you can realistically build a uniform, good-looking layer that's 1/8" thick, if that's what you mean. If you need that thickness, high hardness, and nice appearance, I think your best bet is just a sheet of glass or acrylic on top.
It can be used as protective varnish, but that would be a very thin layer, probably 0.1 mm or something like that.
It's solvent-based, so it won't set well in thick layers and it will shrink significantly as the solvent evaporates. You can do thick layers with solvent-free thermoset resins such as epoxy, but epoxy will yellow over time.
Purchase as crystals and dissolve in acetone or ethanol to desired concentration. It will self level based concentration, allow to evaporate before applying next layer
https://resources.culturalheritage.org/osg-postprints/wp-con...
https://www.zoicpaleotech.com/pages/paraloid-b72-in-fossil-p...
acetone will dissolve it, dunno about turpentine.