Use 5200 for toe rail.
I don't often disagree with Ed S, nor he with me, but I must differ with him on the use of butyl tape for the toerail of all things. I would consider it under winches and halyard stoppers; but that's about it. The strength of 5200 is too well known and the stuff is too widely used (and too easily used) to have any reason to second-guess it.
My toerail is 37 years old and does not leak a drop. It's down with (37-year-old) 5200. Conversely the Raider 33s were assembled with butyl tape (as my Uncle Joe hated messy things like 5200 and epoxy) and all of them leaked at the hull/deck joint. You simply cannot put the necessary torque on the bolts against butyl tape the way you can with 75-percent-cured (3-4-day-old) 5200. The butyl tape will continue to squeeze out till you've got none in it left.
Also, because of its permanent flexibility, it does not lend the necessary strength to this crucial installation. You may end up with some loose areas (like under where your lead blocks go) while other places appear rock-solid. The flexibility will enable it to work slightly more than it would with 5200, admitting leaks and causing you to discover places where you need to further tighten the bolts (till it all squeezes out).
And, if you care to bolt your shrouds through the toerail (as mine are) some day, the butyl tape entirely negates the whole benefit of using the entire length of aluminum toerail as a kind of sturdy backing girder to handle the tensile stress of the rigging. Perhaps if you never sail the boat hard, you might not notice as much detriment as my doom-and-gloom concerns may suggest (and I call it 'prudent pessimism', the mark of a sensible skipper). But that's a little like restoring a car and then telling yourself it's all right so long as you never go over 55 MPH.