Ok is this clear for you as requested....
A, don't seal it.
B, don't use silicone it does not stick to fibreglass very well won't stay stuck to 316 stainless and wont last long in the marine environment it won't keep out water and no it won't breathe expand or contract to equalise pressure.
C, Boats use Sikka 290 or 295UV or Fix Tec 15 or Fix Tec 190 HT or 3m 3500 etc etc to stick to fibreglass instead of silicone eg for glazing or deck fittings or to seal skin fittings, or for fixings in to the laminate etc etc...but it's not what you want either.
D, Open the vent after sailing keep it as clean and sand free as you can.
E, once in a while check the 2cent O ring and replace if damaged-you can buy them by the hundreds for next to nothing on line.
F, again don't seal it, its there because without it your board will self destruct slowly or quickly.
Quick google search might help a few bodies here, there are literally thousands of marine sealants made of many
different compounds and they all vary and are good or bad depending on the application.