You gotta stop and think about this. The water has to get in from the outside. So if you just caulk on the exterior around where the water can come in, that will stop it.
So put the portlight in, attach temporarily with a few bolts, and put a bead of caulking between the spigot and the fiberglass. Remove the temporary bolts, put a ring of caulking around each bolt hole on the cabinside, slip the exterior ring on, put a ring of caulking under each bolt head, and install them. ALL means of water getting in are sealed, and you have not used much caulking at all.
NOW WHY DIDN'T WE THINK OF THAT SOONER ????????