I think mine is about one inch below the lip to the decking. I'm not sure how long to let it dry but I applied it on a hot day, first to the hull, then to the neoprene and it probably took 10 minutes or so before I got everything ready to put together. I believe the directions (on the weak and faded label) specify waiting something like 10 minutes before putting them together. I would take a picture but my boat is dressed in full hull covers at the moment but I'll see what I have already on my computer tonight.