Dont put it on too thick just enough to hold the gasket in place on the block or on the pump. Asme pcc 1 is a post construction guideline for pressure boundary.

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Water pump gasket installation. Carefully follow installation instructions. Primarily you want to install these components to set the oil pan and gasket for the final installation. For this build i used a dorman aluminum timing cover and ford racing water pump. Old gaskets and seals should be replaced by new ones. Gasket failures can be problematic causing unwanted downtime revenue loss and safety concerns. Failure analysis shows that up to 85 percent of all gasket failures are due to faulty user installation though it is important to note that with proper training and installation procedures most of these failures are preventable.
An improper seating damaged seal or misaligned gasket can mean the water pump is not operating efficiently or worse is under undue stress from misalignment. The water pump gasket is a simple sheet comprised of gasket paper rubber silicone metal felt and fiberglass or plastic polymer. It fills the gap between the engine and the water pump in your vehicle. Today fel pro offers many gasket designs with advanced leak sealing technologies built directly into the gasket. Without the gasket the coolant flowing between the water pump and the engine block would undoubtedly leak out. Install the new water pump.
Use the gasket and put the gasket maker on either side of it. Do not force the pump on by striking the pump shaft. It will do the same job and work just as well. Should leave you in good stead. In the past it was not uncommon to coat a gasket with sealers or adhesives before installing it. Improper installation will.
Proper installation is the key to long service life as installation practices are changing rapidly as gasket designs advance.