Its a type of paint a lot of people on this board use. Run a search, and you'll get a ton of information on it.
Steelflex is know to be a good boat sealer for minor leaks, and it essentially a cure-all for a lot of boat mods. While there's nothing wrong with using it, and many have used it with success, its just not my style. I'd prefer to get to the bottom of the problem before anything else. However, if the leaks you're finding are small, difficult to find, or insignificant, steelflex might be the way to go.
Posting some pictures might help people pass judgement and give you some sound adivce.