Gil...bad idea. Butter away being sure to get the 301 in the bolt holes and NOT to tighten fully until it is well set so you don't squeeze it out of place.
Really, I thought you, of all people, would not still be spouting this dribble of a two step tightening! I'm sorry but it's just, old, outdated and poor advice for 98% of DIYer's!
To properly execute a two step tightening you need to know the exact condition of cure and that's nearly impossible due to temp and humidity differences. If it's to dry, and past prime tightening time, you'll likely break the seal between the bolt and the sealant by twisting it. This break between bolt and sealant will allow water ingress. If it's still to wet, the curing sealant, then what's the point? To get this two step process "just right", as in, not to hard not to wet, is nearly impossible especially for those who don't fully understand cure characteristics of the individual sealants available.
I won't even address Jeff H's suggestion of soft rubber washers under a genny track because I'm still nursing the wound from falling off my stool reading that one..?????
I learned a long time ago, from the masters at Hinckley Co., how to properly bed and it DOES NOT include a two step process no matter what Don Casey says.
My boat yard laughs at this "two step" method/wives tale/urban ledgend, all the way to the bank..!! I was just talking with them last week about a deck job they did at a cost of 28K. The owner used a two step process and broke the seal at over 80% of the fasteners on deck.. The boat had been surveyed at about 95% dry four years before he then decided to re-bed.... 28k later... Need I say more?
Unless you can guarantee that you will absolutely, positively, 100% NOT budge that bolt during the 2nd stage of tightening, after a period of cure, DO NOT use the two step process! I'm convinced this is, or was, a process created by boatyards and industry insiders like Don Casey, and such, for future industry revenues of deck repair. It is my guess that the majority of wet decks are caused by poor bedding techniques, including, but not limited to, the "two step"..
Countersinking, is and a full tightening, is enough trust me!!! In over 18 years of using the bevel/countersink and single step tighten method I have NEVER once had a re-leak. When I say this I use the photos bellow as evidence to support eh bevel/countersink and one step tighten method. Oh, and I've also NOT used 5200 in those 18 years either.. That's another wives tale for another day and thread though...
The pad eye bellow was installed on my AB RIB using the countersink/bevel method with an immediate and full tightening and "squeeze out" as you call it. It is now 6 or 7 years old and has NEVER, EVER leaked even one drop of water! The big clincher here is that these fittings are BELLOW THE WATERLINE
and are used to lift my RIB into the davits so they do see stress and full immersion bellow water
something your stanchions or genoa tracks certainly will NEVER see for more than a few seconds or so.....
#1 point: Most genoa tracks, from most manufacturers, have a concave bottom to allow a sealant bed. They are designed this way for a reason! Please note the bevel or concave contour on the bottom of this Schafer track it's there by design to help capture and retain a bead of sealant!!
For installing genny tracks counter sink the deck side of each bolt hole slightly, just enough to creat a 1/16 of an inch 101 o-ring around the bolts shank. Then use some shims to hold the track off the deck. Apply a ring of sealant to the head of each bolt as you drop them into the track holes one by one. Next, run a bead up and down each side of the track (this shims are holding it off the deck so yoo can get under it with sealant) becareful to get plenty around each bolt. Once the sealnt is in place pull the shims and let the track settle under it's own weight. Now climb inside and begin spinning on the washers and nuts. Using a rechargable impact driver to tighten the bolts allows you to do it as a one man job from inside. Once everyhting is tightened down go out side and using a plastic scraper, a trash can (with liner) and LOTS of paper towels or rags clean the excess sealant that squezed out with what ever solvent the manufacturer recommends. If it's 3M 101 Acetone is fine if it's a polyurethane like Sika 291 or 4200 use what they recommend. The fittings bellow were cleaned up this way and it looks clean and neat..
P.S. My thru-hulls are also installed with a single step tightening and I've also never had one I've installed leak and I've installed LOTS of underwater fittings having worked in a boat yard in my younger days....