If you miss a bit out, do not try to work it over. Leave until dry to rectify. Decks Deck fittings should be removed every few years, to inspect the wood beneath. Put a good coat of sealing compound beneath and in the bolt holes before refitting. Sealing compound is a subject all of its own which I won't go into here.
Most people have their own preferences.
I consider it a good compound if it is still adhering and at least flexible enough to move with the wood after a couple of years. Some cheap ones shrink and go hard and brittle. Don't economise on these safety items. As with the hull, use stainless or phosphor-bronze bolts. Similarly, check chainplate, davit and tabernacle bolts and fixings.