Needs applied as thick as possible
No it needs to be applied at the correct thickness. While I’m not familiar with that particular product in general the people who formulated it did so that it met suitable characteristics at the given thickness. Often applying too much puts the coating under stress so it will crack before it has a chance to form a protective char when heat is applied. It may even fail prematurely in service.
Paint wise you’ll probably be best using a single pack waterbased product for a cellulosic fire as that will be easier for a non specialist applicator to handle.
Consult your engineer for proper advice, there are plenty of BS standards for this type of thing that prescribe what needs to be done.
Here is some basic information
http://www.international-pc.com/products/fire-protection/fire-protection-technical-information.aspx
There are plenty of other options for passive fire protection on steel. Cladding is the obvious alternative, especially if you are going to encase it anyway.
I work for Akzonobel, all views my own, I don’t work in the fire protection bit anymore.