Is elastomeric paint advantageous for filling small cracks (from sun/rain damage) in exterior wood siding?

I have an Eichler home with very specific siding. Some of this has been replaced (at significant cost) but instead of re-siding the entire house, I'd like to paint over the old siding in less prominent places. I've been told sanding, plus elastomeric paint can do the trick. The elastomeric paint is said to have the advantage of filling the cracks, expanding when hit by the sun at a later time, and of lasting longer due to this expandibility. (I realize this paint is usually reserved for stucco and other surfaces than wood, but my recommendations come from people with the same wood siding).