NOOOOOO!!!! That is sticky and gross and NO fun!! It may be good for mass producing gross stuff, but it gets sticky, attracts flies and other critters and is just unpleasant to be covered in.
To be completely honest, I tried making a small bit of this the other day to see how realistic it'd be to use with actors and some sets and stuff, and it's great!
But there are a few other options for clothing/costumes that is permanent, just use a really bright red acrylic paint, splatter it all over the clothes, it will stay bright and shiny and you can wash the clothes to keep them clean, without worrying about re-blooding everything.
But for skin, or for slinging around in a scene, definitely do what allen does in the video!