Have a look at the following :
www.pbase.com/mainecruising/rebedding_hardware I have done all the fittings on my deck using this approach. When I started the boat was full of water after rain and now it is dry and dusty. If you have a cored deck it needs to be sealed with epoxy.
I got my product from Building Products Online :
buildingproductsonline.com.au/butyl-tape.html#product_tabs_related_tabbedThe web page says it comes in black, but if you ask them they can provide the really nice grey stuff as used by the pbase site. At $20 per roll it is cheap and lasts for ever.
I found the tapes on line product contained some kind of re-enforcement that made it difficult to work with. The distributor says you can get the stuff from run of the mill plumbing stores like Reece etc.
If you are lifting the rails, however depending on the profile you still might want to use sealant like Fixtex to glue it down to provide structural support.
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