I used to use (and still use) Permatex Black for anything where oil retention is specifically required. It firms up, but never gets completely hard (stays kind of like firm rubber). It also sticks to absolutely everything, and is immune to gasoline, oil, brake fluid, antifreeze, etc. If you get it on your jeans, get used to the look - it will be there until they go into the trash.
Back when we did a lot of off-road rallying, we always carried a tube of the stuff. On one occasion, we holed the sump on my Mini, and used a big blob of the stuff, from the outside, to seal it, with a piece of thin cardboard stuck on over top to help keep crud out. You know, we never did fix that sump, and it never leaked a drop, even after years of rallying & racing (I was waaay too poor in those days to afford a replacement sump!).
On another occasion, we got a rip in our gas tank (a Ford Cortina, that time) about 2"-3" long, going over a sharp rock. We were waaay out in the boonies, with our precious fuel pouring out on the ground. Again, we pushed a blob of Permatex Black into the hole, and it sealed it. For good.
Even more amazing, IMHO, was on my 1977 Yamaha TX-500 motorcycle. That bike had about a dozen chains in the engine - they all rattled unless they were tightened once a year or so. To do so required removing the engine's left side cover and, after a few years, replacement gaskets became extinct. Instead, I started using the Permatex, and it always sealed the side case, even with no gasket at all, despite holding back several liters of sizzling hot oil, under 75-80 PSI pressure.
_________________ Scratch building, at continental-drift speed, a custom McSoreley-design framed, dual-Weber 45DCOE carburated, Zetec-engined, ridiculously fast money pit. http://zetec7.webs.com/
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