Re: Prepping to re-bed stanchions.
Re-Bedding Deck Hardware With Bed-It Butyl Tape Photo Gallery by Compass Marine at pbase.com
That has the "do it right" solution.
I did the "almost right" solution, which was everything there except for potting the core with epoxy. I feel pretty confident that counterbored holes and good butyl tape will keep the core dry for 20+ years, the previous sealant and counterbored holes did so for the 25 years.
boats that I sail on regularly: Pearson 28-2, Rondar 505, Yankee 30, Blanchard Junior