The mast step is where I want super adhesion as well as water sealing. 3M5200 is definitely my choice for this job. I don't worry about the permanent bond, as a trailer-sailor it's what I want because of the stresses on the mast step from routinely rigging and de-rigging my boat. So I ensure the job is done right the first time, which means also preparing the mounting holes with warmed epoxy resin to lower the viscosity to allow it to saturate the wood coring better. Should you need to remove the mast step years down the road, there are several de-bonding agents that break the tenacious bond 3M5200 gives you, so that argument is moot. Here is the debonding agent I've used for years, and it doesn't harm the gelcoat.
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Several years ago I was refurbishing a little P-15 and I had to rebuild the compression post and installed a new mast step and halyard plate. Everyone was raving about butyl tape, so I tried it. Just didn't care for the continued oozing as the material required repeated tightening and trimming, and it didn't add anything to secure the mast step to the cabin top. I ended up striping off the hardware and the butyl tape and reinstalled the mast step and halyard plate with 3M5200.
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Different applications require different approaches. Many boat manufactures use 3M5200 to bond and seal the deck to hull joint, and the hull to keel joints. I always wondered why they haven't discovered the superiority of butyl tape?
Contrary to the popular opinion, butyl tape on my boat is at the bottom of my list.