Plasti-Dip is used in the same manor as Softex or Soft Body. Just a volatile as Softex so use in a well ventilated area. It seems to dry a bit quicker then Softex, still being flexible and not stiff like epoxy or head cements. I have not used it to make a huge head like you would with epoxy but its nice to add eyes before epoxy or to give a bigger fly backbone by dipping your bodkin in the stuff and running into the fibers of the fly. Steve Farrar turned many of us onto it and he uses it for many different applications.
check the ASWF website under Steves stuff for more info.
ASWF.org