There are ABYC regs about "cellular plastic"-encased metal
fuel tanks but the same issues apply to
water tanks - any sort of material that traps moisture or prevents oxygen against
steel will cause pitting or crevice
corrosion
Also not sure if the foam-in-a-can stuff is 1- open or closed cell: if open it will absorb water, and 2- how long it lasts before it breaks down and 3- does it have enough density to support the tank. The ABYC rules call for 2lb density foam like the 2-part stuff they sell for
marine work