Check it out first
Knotmeters are usually removable so make sure the sensor is not leaking in the fitting and it really is a fitting to hull leak.Also if you have a sandwich core hull you could be introducing water into the core by fixing only the inside. Most boats are solid core however so probably not much to worry about there.To fix any thru hull leak from the inside while in the water is pretty hard due to the crack having water in it. So a sealant that sets up underwater is REQUIRED! At best you are buying time so I'd ask how bad is the leak and can you live with it till you pull out?This could be that reason to buy a small solar panel to keep the battery topped off so the bilge pump keeps working!With all that said, you are forming a gasket on the outside of the fitting that needs to stick to both the fitting and the hull and go all the way around the fitting. Only going part way around the fitting will not usually work. Other than that, if you can take off the nut that holds the fitting in (without making things worse) and then apply the sealant that would mechanically strengthen the joint.