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I have three 2nd floor exterior balconies that are covered with rolled out asphalt roofing material.. The roofing was then painted over with some sort of grey textured elastomer coating... I live @ 7200’ elevation In Flagstaff Arizona USA where temperatures and climate fluctuate with snow, monsoon rains, and heat... The balconies only get light traffic, but changing seasonal conditions with  90°F heat in summer causing vapor bubbles, snow freeze-thaw-contraction in winter and then sideways rain again in summer where we can have  90° days and  40° nights has caused leaks in the balconies which are directly above living areas in the home... Also, there are raised overlapping seams in the rolled out roofing material which makes for and unsightly and uneven surface... I would like to use a material that would help smooth out the surface but more importantly, something that would give me a continuous water proof barrier...
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Yes you can go directly over rolled asphalt.  you will not get 50 sq ft per gallon more like 40 sq ft because the surface is not perfectly smooth

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