Rick..
It really depends on what you call "adhesive based". A look at actual data numbers from 3M clearly shows that 3M Marine silicone is actually quite adhesive..In reality, silicone has about 220 PSI of adhesion to a clean substrate. In contrast, 3M 4200 (polyurethane) has 300 PSI and Sikaflex 291, also a one part polyurethane, has an adhesion of about 221 PSI or only a one PSI difference from 3M Marine Silicone.Life Caulk and 3M 101, both single part polysulfides, have about 140 PSI to 170 PSI of adhesion which is considerably less than 3M Marine Silicone..Silicone offers the least "elongation at break" of any of the marine sealants though. This means the more bedding the further an item can flex or move before breaking the seal. The clincher is that mechanical fittings should not flex or move much, if any, from the substrate to which they are bolted so this actually makes the silicone elongation at break number basically useless if you beveled or countersunk the hole. Even when I use silicone, which like you is almost NEVER, I still bevel the hole slightly and that compensates more than enough to overcome silicones rather weak elongation at break characteristics..P.S. There is no silicone that I have seen or found that is bellow waterline rated not even 3M's..