GE has two Silicone II Window & Door in Canada (Toronto). One has BIO logo and one doesn't mention. I think they do it on marketing purpose. I choose II becasue it says it is stronger than I.

dont you have to seal this stuff before you put it in the tanks?
paint and chemicals leech out even without water and nibbly fish to help it along.. certainly it would flake and taint the water of an aquarium.
i wouldn't even spray paint this stuff to be honest..
if i needed color i'd dye the wet cement itself with food coloring or something natural.. coffee for example. then coat the whole thing with 100% silicone sealant... and i mean THICK half an inch at least.
i agree with taking the styrofoam out if you can. It's a great way to mold the cement, but its more hassle than it should be to get into the water.use it to make the cement the right shape, then take it out of the back.. if there's still too many nooks and cranny in the back, then put more cement in those places to smooth it out (keep debris from getting stuck there and mucking up the water) and then coat it like crazy with silicone.
marine grade sealant works too, but i like the silicone caulk cuz i have a little more control over it.