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Just a side note; According to the Dry Lok web site it is not recommended for wood. It is primarily used as a swimming pool sealant and for sealing leaky masonry basements. I personally would apply 2-3 coats of uraethane and allow them to cure for a couple of weeks. Seal the seams with aquarium grade silicone and you are done. Don't forget to seal the edges of the plywood or whatever you are using with urethane prior to assembly. In an area where no one has pools, Drylok is not available anywhere, as in Idaho or many northern areas.
Stick with what is available and what will work. Urethane finishes work extremely well for applications including boat hulls so I am sure it will work for a Tegu set up. Also, any exterior semi or high gloss paint will work well too. Again, let it cure for several days and it will last a long, long time.
Another side note; as a teenager, my father and I finished or refinished boat / yacht woodwork using Spar Varnish which lasts for years and longer than most Tegus will last. New isn't always better.
I did wonder whether a good yacht varnish would do the same job. When I was a kid my father used to use it on the exterior wood work on the house. Most good DIY centres sell it.