AA,
Here is an old Catalina Yachts drawing for the leaking portlight repair if you haven't seen this before, sorry it's such a bad copy, but you get the idea.
The portlights can leak either frame to glass or frame to deck (or both!).
Frame to glass is mostly what that drawing is about and if while it's raining you go inside your boat and pull out part "C" "Large Vinyl Extrusion" and the frame is full of water you likely have a frame to glass leak. The drawing will instruct you to cut out the sealant with a razor blade and replace. I used Boatlife Life Caulk with good results.
If your leak is frame to deck (water is dripping onto your cushions just after it starts to rain) then the leak is likely frame to deck. The hardest part of this repair is pulling out the portlight and cleaning up all the PO's previous attempts at repair by smooshing silicone all over everything!
Anyway, pull the frame out, clean very well and rebed. I use butyl and have been very happy with it. In fact, now, everything on my deck is bedded with butyl and I haven't had a leak in about 3 years, it's good stuff.
Personally the windows are such a pain that I eventually pulled all of them out, cut out the old sealant, cleaned and resealed them, and then reinstalled them using butyl on the frame to deck joint. I had a few that weren't leaking but I figured it's just a matter of time after 25 years so it's a better project to just do once and be done with it for hopefully another 10 or 20 years or so. Also and dry cabin was very important to me.
I believe the Catalina Direct kit will have you pull the glass out of the frame and replace the gasket around the glass and I've heard mixed results about how difficult that is, but I have no idea personally really. One of the many problems with these portlights is that they are flat and then we attatch them to a curved surface, the cutouts in the deck look like they were cut with a chainsaw (you'll see!) and they are just not great quality to begin with.
Mine have been dry now for about three or four years though using the information in that little drawing fwiw.
Good luck!
DanM