Man, here I go again with the facilation. It certainly does seem that the preponderance of opinion is to do it the factory way. BobM's idea of a hybrid, using the butyl tape to seal and position the Lexan, while finishing up with the Dow Corning sealant (I think I have 795) to level off the exterior makes a lot of sense, if the gray tape doesn't show through. I'm not sure you'd get enough grip from the butyl, though, if you have to bend the panel any. My understanding is that the Dow Corning stuff is the same adhesive/sealant that's used to keep glass panels from falling out of skyscrapers, so it's pretty strong stuff, but it's not going to be doing much more than sealing if it's just spread along the outside joint.
And then again, if West Coast Bob's bolted panels lasted ten years in their original iteration, you'd think the newer, more robust version would hang in there quite a while. I do like solutions that I can do without an extra pair of hands and that I can undo fairly easily if I screw up.
John