Just an FYI... The sealant there really doesn't serve any "real" purpose - meaning, you could cut it out and leave it like that. However, it does help to keep dirt from collecting and the time needed to fully remove the caulk so the area looks nice would be longer than just re-sealing.
Take a razor blade (use a plastic one if you're worried) and follow the edge of the platform and then the transom. The transom would be a vertical cut (using a scraper too, running it downward, would probably be easiest), but you can make an angled cut on the platform to connect to the vertical cut. In essence, you're making a deep "V-groove". Then pull the old stuff out and insert new stuff.
Personally, I really like the LifeSeal stuff - they make a light beige color called cameo, but I've never compared that to the color of the beige Gradys. Excellent stuff, though, and will last a long, long time. Many here on this forum talk about using GE Silicone II in almond and seem to say the color works well. I don't know how it long it lasts, though, as it seems most are using it to seal around a deck hatch and they're pulling that hatch every year or every few years, anyways.