Hi Debra,
If your shed has 2x vertical framing that supports the exterior siding, and you are using the foam insulation between these vertical framing members, you can definitely apply earth (clay) plaster to the walls. The question is how thick? Prior to the post-WWII widespread availability of sheetrock (drywall, gypsum board, et. al.), interior wall surfaces in N. America and probably in many other places were first lathed with horizontal strips of wood and then plastered. A material like reed mats might work, although properly spaced wood strips will probably give a thick plaster better purchase. We have worked on projects here in Oregon where clients wanted lath and plaster instead of sheetrock. Wood lath dimensions vary, but need to be long
enough to span between vertical framing, stiff enough to resist flexing, and spaced far enough apart so that the first coat of plaster (called the scratch coat) oozes into the horizontal gap, sags a bit, and dries. This is the "hook" that secures the plaster to the lath. Here in S. Oregon we
staple the lath to framing using 1 1/2" long galv. 7/16" galvanized staples and a pneumatic stapler, although traditionally the strips would have been nailed to the studs. The wood strips are approximately 1" wide, at least 4' long, so they span several vertical framing members, and around 1/4" to 3/8" thick depending on the wood used. White oak is stiffer so can be used at the thinner end of the range. Here we have more ready access to Douglas fir, which is a bit more flexible, so it's thicker.
This system relies on a bit of space behind the lath so that plaster can ooze through the gaps and curl. Maybe just 1/4" or 1/2". We have applied plasters up against blown-in-cellulose that fills the wall cavities--there's enough "give" that the system works. We always apply three coats--a scratch, brown, and finish, although with the right mix you could do it in one or two coats. The relatively thin layers of the first two coats at 3/8" or so (each) assures even drying with a clay (earth) plaster, which is helpful in managing cracks when there's no fiber in the mix. The total build-out is between 3/4" and 1", with the color coat being the thinnest.
Clay (earth) plasters are generally easier to work with under a wider range of conditions. Drying times depend on ambient conditions. If you're able to do this during warm, dry weather, just open all your windows and doors, run a fan to help circulate air and the clay (earth) plasters will likely dry in just a few days--ready for the next coat. If the weather is cold and wet and you're not able to condition (heat and dehumidify) the interior, the moisture in the plaster will likely stay there for much longer--sometimes weeks--until drier ambient conditions are present. I haven't applied lime plasters to wood lath--not sure how it would perform in terms of cracking unless you go to some effort to prevent it. Prior to WWII gypsum plasters, often mixed with lime, were used for interior walls and plasterers often mixed horsehair fiber into the base coats to reinforce against cracking.
Plastering over plywood is possible, but you need to lath the plywood and tape edges to prevent cracks from telegraphing through as the plywood moves (shrinks and expands with moisture changes). We use slipped burlap for lath over plywood, stapled to the plywood once the burlap has dried. The tape on edges is drywall tape. Over this we have applied clay plasters up to about 1/4" thick.
Plastering over metal is also possible, but you need to attach a lath. I have used sanded primer paint on drywall--I know some primers are designed for use on metal as well. I'm not sure how sanded heat paste would perform on metal... The plaster thickness could be around 1/8".
A good resource for this is
Earthen Floors by Sukita Reay Crimmel and James Thomson (New Society Publishers). I have installed just a few earth floors, Depending on conditions, it can take a week or more for 1" of earth floor to dry, and another several weeks for the oil finish applied to the floor help it resist dings and dents to cure--so about a month.
Jim
Many Hands Builders