Great. See pic. Would the 796 work for the gaps shown? The blue arrow is the rural where I had to scrape all the old and hard caulk. The red arrow is the toe rail where joins the deck.
I think I had some minor leaking in my teak toerail cap. The proper way to fix it is to remove the cap, and countersink the holes in the fiberglass, and re-seal the fasteners with something like Lifecaulk, Sikaflex, or 3M 4200.
Instead, I flooded the seam between toe rail and glass with Captain Tolley's Creeping Crack Cure. I only did this because I plan to replace the toe rails, in which case I'm going to have to drill new holes in the new toe rail, hopefully lining up with existing holes in glass, or maybe fill in the existing holes and start over fresh again.
As for behind the rub rail, if you are truly leaking behind the rub rail, you'd need to remove the black insert, then unscrew the white channel, and reseal behind that. Pretty sure the hull to deck seam on O'days is like a shoebox construction, which is fairly leak resistant. I imagine those fasteners might need a touch of sealant over the years. (For example, the Precision line of boats uses a sandwich construction with a lip that is sealed with 3M 5200 and then through bolted or riveted, and then the rub rail goes over the lip. I know of Precision owners who have had to remove the rub rail, dig out sealant, and trowel new 5200 in the seam.)
The ONLY place you use 795 or other silicone sealant is for Beckson deck plates/hatches ('cos that's what Beckson specifies) and plexiglass fixed portlights (windows.) No where else does silicone go on a boat, because it will contaminate the gelcoat, and nothing will ever stick to that area again, until you physically remove the contaminated surface (eg. sanding.)