Last season I bedeed my traveler track, along with other stuff, with butyl tape. I made a few mistakes and caused myself some problems, which I am now fixing.
First, I ran the butyl tape all along the bottom of the track, which was not necessary. At the time I figured "why not?" Here is why. After the traveler was fully tightened, I removed the excess oozed tape, but I could not get it all. Some spots were hard to access, because of where my traveler is mounted, but other spots that were accessible still always had a very small bead of the tape there.
During the season, it remained sticky, and collected all kinds of dirt and junk. This dirt and junk then got into the traveler cars ball bearings, which of course screwed up the operation of the traveler. I just learned all this the other day, when I removed the damaged traveler from the boat to repair it.
I may go with a marine sealant that cures and so does not remain sticky when it goes back, but I may also use butyl tape again. If i do, it will go only where the holes are. I'll probably use less of it and maybe not put to across the full width of the track.
The upside was that it didn't leak even a drop, which is why I am considering using it again. I am thinking its better for chain plates, cleats and such, and less so for tracks that have things rolling across them.