This is a really good start:
Not white glue, not PVA glue and not wood glue. Wood Glue MAX (Max being the important part).
Fantastic consistency and when dry retains a rubbery/malleable finish. It's very strong, dries clearish/beige and has an excellent consistency.
For my models, the basing stuff is essentially:
-Glue model to a renedra plastic base
-Apply wood glue max
-Dip in a mix of ballast (I use three sizes)
-Pat down the ballast with my fingers, and tap the bottom of the base hard, visually inspecting for any bits hanging off
-Prime the model w/ the base (so we have glue, then primer)
-Paint the model
-Dip the model (so we now have glue, primer, dip)
-When the model is dried, paint/finish the base (so we have glue, primer, dip, paint)
This has produced a very stout basing material for me.
The finish ends up like this:
Just painted brown with a simple drybrush. This is a gaming level paintjob so it's not good for fancy dioramas or pro-painters but it provides a rocky base texture with a really solid attachment. I haven't had any issues with chipping.