One problem with the "highly scrubbable" paints is that they don't do well on flexible substrates. If this luan is 1/4" or less you might see some cracking over time. But since this is an exterior product my guess is that it is somewhat flexible.
I can understand why you're not worried about a $30 loss, but it really makes sense to use the right product the first time as you might have adhesion problems if you recoat it with something else later.
I would be more inclined to use a waterborne polyurethane. If the luan is 1/2" or thick, use a regular urethane. If the luan is 3/8" or thinner, I'd use a floor waterborne poly.
These are expensive - about $50 per gallon.
The best is made by General Finishes and is only available at woodworking specialty stores. See if you have a Woodcraft in your area.
Otherwise, the Varthathane products are okay and widely available. They make a regular, floor, and spar. I just listed those in order from hardest to least hardest. Again, you want to use the hardest finish that can withstand the flexing and/or movement your cage will see.
the floor is a frame covered in MDF with super tough vinyl tile on top and we're trying to find the best solution to seal the walls to the floor
This could be a problem. Those vinyl tiles are not the best at blocking water - it can penetrate inbetween the tiles. And MDF will not deal with this well.
I would suggest putting another flooring material over these tiles - don't bother pulling them up. This could be done in the future if you want to leave things as is for a while.
I would also putting something up the first 8" or so of the walls, or a few inches more than whatever your substrate depth will be. Even if you'll use newspaper I recommend putting the tiles one layer up the sides as this is where Iguanas will scratch the most.
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Current snakes:
0.0.1 Gonyosoma oxycephala - Java locale (green)
2.2 Gonyosoma janseni - Seleyar locale (all black)