In theory that should work but I can forsee one or two problems....
1. Glueing it to the hull - I use the stuff during building to prevent removable items which I construct 'in situ' to assure a good fit, from adhering to the rest of the structure. I've used it with PVA, exterior wood adhesive, balsa cement and even araldite (or other two-part epoxy) and I've found it NEVER sticks to the glue!
2. Getting a smooth finish - it would have to be covered in one piece (as you can't glue the stuff together) and can only be stretched so far so you're sure to get creases on any convex areas such as at the stern and where more than two flat surfaces meet (at the bow)
3. It's easily damaged - the slightest scratch will allow water to enter and quickly spread between the paper hull and the cling-film.
You could try it anyway, I tried a few things to see how they'd cope with water (contact adhesive might work, I haven't tried that) but I think you'd be better using something else instead. Resin (for fibreglass is probably best (a layer of fibreglass tissue stuck to the hull with resin first would be even better) but this project was all about using whatever is available and it will work with cellulose dope (for model aircraft - that's what I used on mine) thinned about 50% with cellulose thinners and give it about 3 coats. Or sanding sealer, I tried that and it only failed because I didn't seal part of the hull properly. I suspect that ordinary woodwork varnish would do it too if you use enough, or maybe even just primer with paint over it (primer itself isn't waterproof). Whatever you use, painting the hull several times over the top will help keep the water out. I just used for a finishing coat, some 'white exterior gloss' left over from painting the shed and it's perfectly OK