Barry,
Thanks for finding my post on "The Hull Truth" of about a year ago.
Here is my feeling at that time, and I would not change it:
The Redando Beach Harbor Patrol guy takes a long time to say very little. Apparently this is some type of wax (silly putty, silicone)--since it can be reused.
I have tried to stem small leaks in boats, and if they are more than a few inches below the waterline, the pressure just pushes out any material. I would wonder how effective this really is--the Infomercial doesn't really tell you.
I keep "splash zone compound" (Petit underwater epoxy), with duct tape, rescue tape, plywood and "Great Stuff Foam", as well as canvas cloths with grommets, and tapered plugs aboard long distance boats, to cope with any potential water intrusion.
Once water starts comming into a boat, it is often hard to find the source. It is also very difficult to reach many of the areas where leaks occur. I have seen salvage folks screw or ring nail thin plywood into the hull and caulk with an expanding foam like "Great Stuff".
Once you try and get under way, I fear that this material will be pushed back out of where you put it. Second--ever try and find a leak in a boat underway? It brings back some interesting times in my life when I had to do that, and repair it. I would rely on something more substantial.