A'ight. Now you farted in my fruitloops.
That permatex stuff blows. I lost a motor because of it. Thread sealer that didn't seal threads. I used it with new CLEANED arp studs, and nice clean block threads. It leaked water into the oil on 3 studs under the valve cover. It's pipe dope. Pipe dope is for pipe threads...the tapered ones.
Silicone does nothing to seal water? Toyota used silicone to seal water pumps to engines for years...only silicone, no gaskets. It seals against water just fine.
I use black silicone most of the time, and I've never once had an issue. I prefer the toyota FIPG, but I'm starting to like the loctite black stuff too. Permatex has never impressed me, but it seems their ultra black is better than it used to be.
About torque values...you could piss on the bolt and it would screw with torque values...or rather, the relationship between bolt tension and the torque used to achieve said tension. Silicone, loctite,....or hell, maybe even TEFLON (ptfe, for those that don't know) will all act as a lubricant. Teflon just happens to be one of the better ones out there....about the only thing that can stick to it is itself. I would guess that Teflon would screw with torque values considably more than most others. If you're using studs though...that's a moot point.
I thought you said you didn't like Froot Loops...

You took me pretty literal on the flaming part.....Easy turbo..

I have never had an issue using PTFE on threads in Chevy builds....Ever. I recently picked up a bottle of the ARP stuff (it was a gimme

) and this stuff is similar in texture (not same)...
This is the SPERMatex crap I was speaking of...
http://www.permatex.com/products/Automotive/thread_compounds/a_thread_sealants/auto_Permatex_High_Temperature_Thread_Sealant.htmNot the plumbers paste chit...

As for silicone, if you get silicone on a "blind hole" the chances for a hydraulic are greater than if using a paste....Silicone in itself is a horrible product for sealing against water for a few reasons. One, it does not "meld itself" well to bare metals and can be rubbed off with an oily thumb, two, water can penetrate between the bare metal and the sealant if under extreme pressure...RTV be different, but still use caution when using it on water type jobs...
EDIT; Silicone also has no rust proofing properties whatsoever...

Also, some silicones are different than others, the stuff you are talking about is NOT silicone, it "contains" silicone. It is actually RTV. A good RTV (Room-Temperature-Vulcanizing) has properties similar to an epoxy.
The problem lies with silicone
NOT being anaerobic (able to cure without the presence of air) which makes them undesireable for thread sealing, the do not cure leaving them way too gooey and prone to failure..on the other hand, RTV uses compounds more complex than me to enhance this curing characteristic....Still can and has been proven to alter torque specs in lab tests, but maybe not on the scale seen with the stuff we see...(Speaking of extremely large fine threaded equipment) I think it has to do with the curing taking place while being torqued because it gets "sticky"...Where as PTFE remains pretty much the same resistance until it fully cures, which in some cases is 4-6 hours.
Not trying to shake your apple tree, just taking the opportunity to support my comment....

I do this sort of stuff for a living, I bet I have over $1500 in sealers and compounds in my service truck, there is literally a sealer for every purpose...It's actually a little insane...

I use about 2oz. of Red Loctite 271 in a month....

Ever seen yellow Teflon tape? Smaller molecular structure than the old white stuff and totally petroleum resistant....Which is why it is used on natural gas piping....

GT