From the gold/yellow color of it it appears to be Recotrseal which is one of the most popular commercially used dopes. Probably more of an installtaion issue than the dope. That said I am not a huge fan of Rectorseal and much prefer Hercules Real-Tuff... I also both tape and dope and learned this when I was a rep for Hercules Chemical some 23 years ago.. Many of the best industrial pipe fitters use tape/dope together.............................. if he was willing to spend $200,000.25, he might have received some decent pipe dope on the theads of the various pipe fittings. They're all leaking due to cheap brittle pipe dope.
If you suffer from obsessive compulsive disorder (OCD) as I do, you'll use 3-4 wraps of teflon tape followed by wiping the surface of the tape with Permatex #2 sealant on below waterline threaded pipe fittings.
That said no matter how they sealed the thru-hull to the valve it is a thread mis-match, straight to tapered.. This not ABYC compliant (this was an "ABYC Compliant" boat... Also as installed the seacocks do not even meet the minimum strength standards..
For $200K I would expect a little more than,, M-I-C-K-E-Y M-O-U-S-E sing along............