Sounds like it would effectively eliminate any breathability of the fabric, but waterproof it would. I would think good for canvas painters drop cloths for a shelter and maybe even a water bag.
The old waterproofing we used as kids worked well if it didn't burn. Mixed Coleman fuel and wax. Breaths, repels water etc, also burns like crazy and is darn near explosive until dry and the vapors will flow for many feet and fire will travel back to can. Saw more than one tent go up as a child. Oldest water proofing was linseed oil and that is what the old timers called oil skins.
I got to thinking about this, and perhaps mineral spirits isn't the best, how about acetone or MEK, it would dry faster. Rancher
Linseed oil is super bad for spontaneous combustion so store your rags carefully until done putting off vapors. Methyl ethyl ketone smells gawdawful to me. Smells like a compost pile of wet rotting flowers being stirred by a sweaty diabetic.
Hmmm Methyl Ethyl Ketone (MEK) must be some really good stuff then, I'm surprised that the EPA and FDA haven't banned it yet like Tri Chloro Ethylene, that was some really good stuff. I'm stockpiling Glyphospate (Roundup) now as I expect it will be gone soon. Rancher
Yes, and if you're trying to waterproof man made materials, shame on you for using solvent products at all. But, for natural materials like cotton canvas, just about any solvent that will dry might be suitable. I never thought about using silicone before, wonder how it holds up over time.
With the old linseed oil based paint, most painters stored their rags in special made cans of water. Grandad always did, then hung them up on a line and let them dry.