It's a shame about the Lifecaulk...I posted about similar problems maybe 8 years ago and had hoped it was a temporary production problem. Boy did I waste a lot of time and effort.
For unknown reasons, the small few squeeze tubes I have used since then have been the "old" oustanding quality. I used them for swimming pool skimmer repair, underwater, and the stuff stops leaks due to cracks..and lasts.
Are the 3M caulks ok for underwater application, such as thru hulls????
Thought I had read once that 5200 was specifically intended for below water application and would set up, even under water. The phrase I heard was "above the waterline 4200, below the waterline 5200...". However, 5200 takes a couple days to reach full cure, so it is not like some quick sealants/gaskets, such as Copper Ultra, which is very good and sets up very quickly, if no gasket is avail.
If you use 5200, allow an extended period for set up. But once it sets up, it is nigh impossible to get apart, without some type of machinery. Note that it is very, very sticky stuff and gets all over, it you are not gingerly during application. If you don't mind being messy, well that's up to you.
I replaced the gaskets on a couple wheelhouse/bridge windows, on my 43'DC. I am pretty sure I used either 4200 or 4000, and may have been in gray, if not white. These were the grey vinyl OEM gaskets from Sam's and I have had zero leaks.
Also, I replaced an air vent for the fuel tank area, which is aft near the stern, about a foot fwd on the side about a foot down from the gunnel. I think the original installation was 5200, because it had been virtually impossible to remove the vent. However, I bought a Dremel vibrating sander/cutter and I was amazed it slide through the old caulk. I think to some degree, it cut through because it also heated the old caulk. I used either 4200 or 4000 for that. Interesting that the original vent was super heavy duty molded fiberglas, while the replacement was a molded plastic, about 1/3 the thickness.