Not sure if you are asking about pipe threads or thru-hull caulks. (You wrote: replacing a thru hull valve today). If a thru-hull caulk is what you are asking about, I would use a thiokol product like Life Calk or 3M's 101. They are designed to cure under water and are perfect for thru-hull applications. If you ever have to remove it, they are not adhesive type caulks which would make the job difficult or even impossible. You definitely don't want to use pipe thread tape material for sealing a thru hull in the hull.