I've been using some stuff called Lexel - or Lexol. It is the best stuff I have ever used...
I've used it under and above water - this stuff is sticky and cures 'just right'.
Just my .02
I have used Life Caulk extensively on my refit. It always seems to come undone after a few seasons ( and the surfaces are always cleaned and prepped right ).
At the end of the day, I never rely on any silicone or caulk it critical areas - I do the over drill/epoxy thing. Just re-do one transom and you'll forever overbuild any areas that water can seep into !
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