Thanks Falco, Noel, Mike, and Cd811
Easy decision with the general consensus, so I used it sparingly and thinly around oil passageways, outside of the o-rings, both sides of gaskets. Noel - good point about the gooless original factory assembly - I used aftermarket gaskets and this was my first rebuild so I figure I needed to be cautious - really don't want to remove and disassemble the engine again soon. Actually was surprised how easy the reassembly was, kind of like a big Lego set but with more different shaped pieces.
RM - 1104 Threebond liquid gasket semi-drying sealant, 3.5oz for $5.94 from Z1 Enterprises Thin grey stuff, sets quickly, much different working properties than silicone. As was said, if left for a bit before putting together, it seems like it won't ooze very far when torqued.
Just a few more days...
