Crumbling paint/crumbling basement walls-Stuctolite?

I am rehabbing an older (1927) home.  It has an old coal room that has crumbling paint and some of the walls have loose rocks/mortar.   It is not cracked and it does not leak.   I scraped off the crumbling paint and loose material.  I was going to try Structolite as suggested by the authors of The Section 8 Bible.  I was wondering if anyone else had experience with this product and could lend advice or if another product would be better.