Kool Deck is just an acrylic overcoat and will only hide the problem for a short period of time. Eventually the mildew will grow between the kool deck and concrete and cause the kool deck to delaminate in patches. I'd give it a couple of years if you do a really good job of cleaning and prepping the surface prior to application.
A better solution would be to use a penetrating concrete sealant like DryTreat 40SK or DuPont StoneTek. Both are fairly expensive to apply based on cost and application rate (I think the DryTreat is close to $150 per gallon) BUT the products form a very durable, water proof seal of the surface by penetrating and bonding within the concrete surface and not just sitting on top. I imagine a proper Kool Deck application by a professional will cost just as much as a DIY concrete sealing job. There can be a slight color/shade change to the concrete but the surface change should be minimal and the concrete will repel water instead of absorbing it. As always, surface prep and cleaning is absolutely essential so if you have any new mildew growths, they will have to be removed before application.