Earlier quoted context omitted.
Couldn't you just use a piece of waterproof [well blood-proof] material lathered with superglue and slap it on; basically a superglue band-aid. That would contain the bleeding and be cheaper and easier to apply, presumably, than this solution. It would have the same problem of internal bleeding as well of course. With the OP's solution how do you remove it to treat the injury?
It would contain the bleeding but it wouldn't stop it.
As you may guess I have basically no medical training so I may well have misunderstood.