Woodland Scenics water, if I remember correctly, are the plastic beads that you melt in a pan then pour onto your base.
I've heard disaster stories about melted plastic warping the hulls of waterline models....
I use acrylic gel medium, non-toxic, no fumes, and it's completely workable, and you can go back and build up areas after it's dried, for bow waves or wakes for example. It takes acrylic paints mixed for tinting, and it takes paint, washes, and dryburshing very well. It also cleans up with water when wet. It dries in 24hrs. rockhard.
I wrote an article in the how-to section of www.modelwarships.com on making realistic water. Hope it helps.
Jeff Herne
Modelwarships.com