Mike: I have made additional notes in the members FAQ pages on calking the caprails... please reread as the Life Calk let loose in about 7 years under my caprail on the stb side. I used SIS 440 per Bud and am hoping for better results.
On the second section that I had to remove - I epoxied/glassed the deck / hull joint then used SIS 440 for additional sealent for the caprail screws.
I have also used epoxy only on the bottom of the caprail -- and if the epoxy is exposed to light - at all - then it just broke down. I do use the epoxy (as a barrier and also with glass to strengthen) on the underside of the cap rail teak but not on the area that overhangs the bulworks.