Do you know if a cement based adhesive will stick to the p/board? if it does then maybe you could waterproof by using a matting rather than tanking. not sure about this peeling thing, don't sound right to me unless your really digging your finger nails into it and working it off.
Just bumping some of the older popular (sometimes not so popular) threads. Probably wont be current discussion these days but I just need to do it. So just ignore the thread if it's not current for you.