I haven't tried that product, but, since you are going to dip your baits anyway, try it once and see how it works.
I would keep it separate, and do some experimenting. Everyone's process is different, so you need to see how your process affects it
You can see if the paint affects it.
You can see if reheats affect it.
You can see if you can add it to other plastisol, or add color to it and pour baits with what's left.
You are only risking 2 cups of plastisol, so the potential loss is minimal, and chances are you can still use it for something.
A tip for dipping is to get a tall, thin dipping container, so you'll need less material to dip long baits.
Frank (Rooty Tootie) is the expert when it comes to dipping.