Removal and replacement of a roof that size should be relatively inexpensive.
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No, throwing tar will at best, be a very very temporary band-aide.
If it is one of those DIY emulsions that are extremely luquidy, you will wind up paying double or triple to have your roof done correctly when it starts to leak.....and it will.
As soon as the product starts to age and harden, without a reinforcement scrip to hold the composition together, whatever it is attached to, ie; the roof surface, will bare the brunt of the expansion and contraction forces which will wind up spliting the underlying roof membrane material.