No Nails is not really suitable for model boat construction as No Nails is a type of contact adhesive used in locations where a high sheer resistance is required.
The common chemical basis of most No Nails is Neoprene which performs very well on large area coverage such as sheet materials, skirting boards etc but performs less well on smaller areas with higher tension loads and will typically fail on small joints that are under constant tension.
Such small tension joints are common on model boats especially around the bow areas and it is highly likely that such joints will fail either during construction or after suffering a point load impact (such as a collision)
If you wish to use a construction or DIY type glue I would suggest that a two pack epoxy glue would be better suited to your needs.
I hope that this helps.
Paul