No, Plasti-dip is a rubber type product you usually use to coat the grips of pliers, tools, ect. It can be purchased in either a can that you dip the tool into, or a spraycan. I have found it at most hardware stores, and some farm supplies stores. It comes in all the basic colors, black, red, yellow, blue, and green, and can be ordered online for special colors, including camo colors..
http://www.plastidip.com/
What I did was use a throw away cheapy brush and brushed it on, rubbing it in, in a circular motion to soak it into the "plush" fibers. It sets up pretty fast, especially in the heat, and repeat coats can be added as soon as it does. I added 4 coats, just to get a nice thick, smooth coating on the arm rest I'm always leaning on.
I also used it in my 85 BII on the inside door panels at the top by the window, where I rest my arm all the time.
The end result is a smooth, rubbery surface similar to naggahide, or vinyl. I used black, because it worked better than the other colors at the store I was in.
I also used the black spray on version on my door mirrors to make the chrome black. I cleaned the chrome surface with window cleaner, and then degreaser, then sprayed on thin layers until it looked nicely covered, and smooth. I brushed on black, onto the mirror support bracket and mounts, I think 2 layers. I have had this on my truck in all weather, and the whole 100+ deg temp summer, and it has held up great.
My interior in my 87 BII is tan, so, I'm thinking when I get the money to do it, I'm going to order tan Plasti-dip, and do my front seats. That way, when I have my half doors on, they will be weather proof.