Re: What to use for sealing cap to hull
Looks like bayliner used 4200-ish stuff for mine. Didn't look like the cap had even been removed before, so it was original. Was still pliable, though, which was a little amazing to me. The previous owner seemed to have added a bead of silicon sealant to the seam, maybe to prevent water drips from sneaking through from waves splashing against the hull.
I plan to use a thin bead of PL to replace it (way cheaper than 4200 and a 50' bead really adds up). The rivets hold it in place, so the bead is apparently just to seal them together. Make sure to use alum rivets, as 'standard' rivets are steel and will rust out (assuming yours uses rivets).