John, here are some suggestions...
John, I don't see this the same way Steve does and would suggest the following:1. When's the last time you inspected this chainplate? If it's been leaking, it's quite possible that by now the plate has suffered from some crevice corrosion - which can be found right in the deck/plate interface, an area you are unable to inspect without pulling the plate. Consider doing this. You'll get both peace of mind and a chance to do a 'real' sealing job on the plate.2. I recommend using 5200. It's flexible but within limits, will hold up well over the long period despite temp/salinity/UV/moisture assaults. But this presumes a proper rebedding.3. It sounds like your plate penetrates the deck thru a slot and is attached below decks to some part of the hull structure. This is a tough arrangement to seal because a) you're asking a bedding agent to hold in a very narrow vertical area between plate and slot edge while presenting lots of movement within this slot due to the rig working. To put the odds more in your favor, you need to increase the cross-section of the joint (where the bedding is located). Forespar makes chain plate covers with recessed areas around the slot for this reason. However, you can accomplish the same thing when pulling the plate by simply beveling the slot opening on the deck side, thereby providing room for a lot more bedding compound to accummulate before clamping down the plate.4. Pulling the plate, cleaning it (3M scrubby & metal polish) and carefully inspecting it will provide you with complete peace of mind and a chance to properly reinstall the plate, fully bedded in place.Jack