You may want to tape off the area to contain the gooey mess. Wear throwaway gloves. I think the best way to seal after what Dennis suggested is to let the 5200 set for 24 hours - then tighten screws all down tight. Allows the 5200 to gel, create a gasket, without squeezing it all out while wet. Totally agree though - you need to diagnose the point of leakage. If it’s screws that have come loose and enlarged a hole, you can refill with epoxy, let dry and redrill itVerify, don't suspect. Use a hose in a systematic way to verify. But, to answer your question... the leak could be the cap joint or it could be through screws. Remove the rubrail and inspect. If you need to fix the cap joint, use wedges to separate the joint further. Use an oscillating tool with a scraper blade to remove as much of the old adhesive caulk as you can. Continue to use the wedges and use something like 3M5200 (this is one of the few applications for this stuff) squirted up into the gap. Pre-tape the area to make clean-up easier. Factories would have used a different brand/product, but 5200 is readily available and will work just as well. After about 6 or 10 feet (depending on the gap), keep reinserting the screws to pull the gap tight - a little 5200 on the threads is a good idea.
Good point, although like you said it’ll stay soft for a while, I’ve found even beyond the 24 hours it says it’s supposed to dry, so as long as it’s not too thick when put on and done sooner than later it still should cinch down and seal nicely. You’ll probably see a little sealant seep out the edge when tightening down. Can trim any excess sealant with a utility knife.Just an FYI, since you are allowing the 5200 to setup overnight and THEN tightening things up, you're not really going to get the gap to close much. Not a huge deal, but the rubrail likely won't fit as nicely against the hull. Ideally, retighten the screws right away to avoid the gap staying "big". If you go out and do it tonight, you should be OK as the 5200 is probably still soft enough.
My real world experience with the stuff has been much different than what their numbers say! But "fully cured" is different than what, I think, we are really talking here - referring primarily just to the ability to still be squeezed out.A similar application of 5200 Fast Cure will fully cure in about 2 1/5 to 3 days under similar conditions.