I have used the Marine De-Bond, but whether it or the razor knife is doing the heavy lifting I can't say for sure, but I have some and I use it.
The butyl should be sufficient to make a watertight seal...if the two mating surfaces are clean. It is not really a "tape" per se, although it comes in a roll like tape. It is more like a sticky, putty-like substance. It is used to install RV windows, which are very similar to our boat ports. Maine Sail has a good write up on butyl on his website.
If you use it be careful, because once it contacts the two surfaces to be mated you may not be able to reposition them without removing the port and starting all over again. (Guess how I know this...) I have seen instructions that say you can apply water to one of the surfaces to aid in positioning, but I have always been afraid it will compromise adhesion, so I didn't do it when I rebedded my ports. I was just very careful to center the ports in the cutouts.
When you tighten the screws on the retaining flange the butyl will ooze out from under the frame on the outside of the hull. You can trim it with a razor blade, Xacto knife, etc. It will probably continue to ooze out for a while, but you can trim it as needed.
Here is a link to a post by Maine Sail regarding the use of butyl for bedding hardware:
http://www.ericsonyachts.org/infoex...Deck-Hardware-With-Butyl-Tape&highlight=butyl