Newskin is more for bandage substitute. It provides antiseptics, and is a great bandage. But it will not stop bleeding. I have tried it before, and despite what people say about stinging associated with crazy glue, but sometimes newskin hurts worse than the original cut......
I use newskin after the cut has closed, it is a great waterproof option for bandages, and is very flexible to boot.
Like I said, if I can stop the bleeding with pressure and time, I will use that option, but if I cant, and it doesnt appear to need stitches, crazy glue it is....