Much of the commentary here seems to discuss old standards in intumescent technology. I know that products exist that are not so vulnerable to humidity, they are very thin, can be top coated, are lightweight and have very long latency. All of this is quite different from the products that have been around for a few decades.
The newer technologies are not expensive and can be easily applied using any good primer under them and anything you like as a top coat, so very versatile. Depending on the need, I know of a handful that would fill the bill here, but I don't think I'm supposed to mention names, so just do some homework. Two I can think of are in Indiana, one in in Connecticut and more are coming along. Wait till the new developments in nanotechnology hit. These will deliver products that offered increased performance the longer they're exposed to fire. However, getting back to the here and now, Insurance companies like Grinnell Mutual have been doing research on these new coatings and have made some interesting discoveries.
As for the cement board idea, cement board is an extremely efficient conductor of thermal energy, so that would probably be counterproductive - and an excellent point is made about the fragile nature of cement board from vandals, but also just common impact damage from car doors, etc.
I would recommend finding something newer with more advanced features and treating both the steel and the concrete. Bottom line, there are products out there that solve all of these problems very elegantly and affordably without the problems and hassels that have been accurately described here, but relative to older approaches that are largely outdated.