I used oil based paint on my cardboard armor, it not only sealed it and waterproofed it, it shrunk just slightly to really toughen it up. Likely you could do the same with acrylic or latex paint (both water-based). Thompson's Water Seal would have been my first choice, but I was overseas and had none available. Rather than paper mache, there are clays mixed with paper pulp that dry very hard, but are also flexible. This is what I used, sort of a mix of paper mache and hard clay. It sands very easily. In the end, this material was just slightly more brittle than I would have liked. I think a vinyl or latex spackle would give you the right ratio of strength and flexibility, but will cost more. Part of your challenge is also in the cardboard you choose. Haunt a TV and appliance store and get triple-wall cardboard. You'll probably end up building your armor in several layers. Each successive layer should be cut and applied with the opposite grain (direction of the corrugations) as the previous layer. Rub each layer with a damp cloth. This will loosen the glue in the corrugations, allowing them to slip and conform. When they re-dry, they'll be set to the shape you molded them into rather than constantly trying to come apart. There are more details in my old thread that might help.
Redshirt