No....Hylomar is one of the best gaket dressings ever made. I just use the Loctite in place of gaskets whenever possible. You just have to use it on similar metals.. e.g. aluminum on aluminum . Sanitary surfaces & a good bead on the surface.
I would go with the Loctite 515 gasket elimintor.. Not too expensive , you can go together ( w/no oils) w/o a gasket . The Yamabond is a good choice too.
Practice on some spare parts before doing this. You need a good application w/just enogh to ooze out of the joining surfaces .
This bolt torques to about 55 ft lbs so you need to use a 3/8" or 1/2" in. drive tool on this. along w/a 3/8" drive socket. Any good name brand tool is good.
SnapOn , Craftsman , etc...