I use a combination of the grey butyl tape (I agree....it's still the best choice) and 4200. I epoxy the holes to insure isolation from the core, then drill through the "donut" and then bed with butyl and coat the "interior" threads with 4200. I also run a fine bead of 4200 along the perimeter of the backing plate...I don't use fender washers if I can avoid them.
I agree that you should keep the bolt still while dogging down the nut, and the time to dog down that nut is dependent on temperature and to a lesser extent, humidity.
I have had zero leaks in going on eight years now since I rebedded all deck gear and winches. The keel-stepped mast is another story, but that's pretty well inevitable due to water getting down the sheaves. It doesn't leak at the partners, anyway.
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