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If you have the stock housing and use the paper gasket, I believe those paper gaskets come with instructions to coat both sides of the gasket and let it sit for a few minutes to dry before using. I think I used blue.
I was taught to put a small bead of black silicone sealer around the gasket, then work it between my thumb and finger to leave a thin coat all the way around both sides. I've used this method on my transmission pan, valve covers, T-stat housing, etc, and never had any leaks.
77/350- I used an RTV product but It was not silicon based. Think it was a brown color though. Only used it because the housing surfaces were pitted. Silicon molecules are there forever. Nice today but what about tomorrow? I live near the Harley Davidson plant. Harley BANS any piece of equipment that uses a silicon based product for that reason. The molecules are everywhere forever and their paint wont adhear as well. I thought that was crap until we sold them a piece of equipment and then had to rip it out. That was a number of years ago but I dont think the philisophy has changed.
chuck