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Wasn't really thinking in terms of conventional.
I did some experimentation with a 704 last evening.I removed the spool and dunked it several times each time in a different position and found that the majority of the air did indeed escape through the seam between the sideplate and body.
After applying the caulk I repeated the dunking after work today and found that very little air escaped out through the shaft and the rate at which it did was very slow.Water entering the reel would be doing so at the same rate at which the air was escaping.
Also take into consideration that this reel is absolutely packed with SuperLube.
Conclusion:applying this caulk to the seam around the sideplate(at least on a 704)would keep out the majority of water under normal fishing conditions like getting soaked by a wave or a quick dunking.
Would this work on other reels?Some yes some no.I'm not really willing to experiment on my other reels yet.
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