It is the same stuff you put in your car as anti-freeze. Put the left-overs in your radiator... if your car is newer and has a closed cooling system, offer it for free on craigs list and someone in an old beat up car will come take it off of your hands.
Cars use ethylene glycol, which would also work provided it did not cause the plastic casing to deteriorate.
If a solid or sort of solid substance, like a wax ring or plumber's putty, is used it must maintain good contact with both the hull and the face of the transducer. The DS works by sending out a very high frequency ping, anything that attenuates the pinging will reduce the DS accuracy. Even air bubbles in the wax ring or plumber's putty.
The simplest cheapest option is water. That's what I used on my last boat with an Airmar in hull transducer. If the water evaporates or leaks, it is easy enough to refill it.