Go to the forum topic on June 17 "Replacing Mast Base...Silicone???" for recent discussion regarding sealing.
Some sailors use "Goop" for sealing jobs around a boat but I've found that it crumbles after a couple of seasons of exposure to sun and salt water. The 3M 5200 lasts longer and is tenacious. Don't forget to seal the rivets.
I've also stuffed foam noodles into my mast. When I tossed the mast into the swimming pool it floated quite well and supported my weight. There have been different suggestions regarding floatation in the mast but the foam noodles are my choice.