Concession about butyl
Kenn, I may concede that butyl keeps water out. That said, because it remains flexible forever does indicate it does not lend strength. You may rely on the bolts to hold the mooring cleat down; but bear in mind that 5200 (and even 4200) would be stronger. After all, viewed from an engineering point of view, you'll realize the bolts don't hold your lead keel on; the 5200 does.
I do not find working with 4200/5200 very awkward at all. In fact a freshly-epoxy-treated piece of mahogany or plywood is a very good surface for 5200 to bond to, and I have redone nearly all of my interior bulkheads and done my new exterior wood with this combination. All my bulkheads are bonded to the hull with 5200 and epoxy/cloth. In this application, butyl might dampen vibration between a piece of plywood and the hull because of taking up space, leading you to believe it was solidly attached, but I would not expect it to lend stiffness and integrity of strength (i.e., what is known as 'egg-crating') to the hull structure. In fact this is a case where its very flexibility would be a drawback. 5200, while flexible, is limited in its flexibility just enough to yield as much as it should and stay stiff enough to be strong. That's what it's made to do.
The other issue is compression loads. My uncle Joe used butyl tape between hull and deck on the early Raider 33s. The problem was they all leaked, because from just usual use the toerail-deck-hull bolts would work loose owing to the tape's flexibility. It simply never 'cured' like an epoxy or 5200 would. So a maintenance issue was imposed requiring that the bolts be consistently tightened, ad infinitum. With that kind of torque applied to the bolts, eventually the butyl tape was squashed to a microscopic thinness... and the boat would still leak. (The in-the-field fix? Smear a bead of 5200 along the inside seam. Hmmm.)
5200, by contrast, is excellent in all 3 common loads: shear, tension, and compression. It is simple to use, cleans off your hands with Fast Orange, is easily manipulated into weird crevices, and holds like sin. I restored a Robin dinghy on which, doing it myself, I could not reach to put nuts and washers on the foredeck cleat and the towing/trailer eye. They're on there with 5200 alone. It's a small boat (300 lbs), but those fittings with NO backing nuts, just 2 square inches of 5200, will support its full weight.
I can respect a 25- or 30-year longevity of butyl tape, though I maintain that it's not being subjected to 5200-type loads or it would probably have given over. And I'll state that I've NEVER, in nearly 40 years in this business, seen properly-applied 5200 fail. (In fact the one thing that made up my mind about buying the boat I do have is that the then-33-year-old 5200 under the aluminum toerail didn't-- and still doesn't-- leak. At all.)
Thanks for hearing me out. I'll stick to the devil I know, since I know its merits intrinsically.