Seal repair between transom and motor well - aluminum boat

[savenelroy]

I have a 1982 16' Aluminum Bluefin, and am trying to repair the seal between the transom and the motor well (correct name?). It sounds like the proper way to do this is with butyl tape, but taking everything apart is more than I want to get into this summer and am hoping to get away with a sealant and some fresh paint.

Any thoughts on 3M Marine 4200 Fast cure? Also, any suggestions for fuel/oil friendly paint to apply on top of it?