John, few months ago repaired one on my Westerly 30, made a point of greasing threads incase it had to come out again, has not done any harm as yet but others may not agree as to which grease, I used a waterproof type hopefully it will not hurt the metal.
I was advised by the 'old boy' in the local yard to use PTFE and locktight, belt and braces maybe but you don't sink if you trusers fall down so I followed his advice!
I've just used PTFE tape - but use at least twice as much as you think the joint will stand - (say a good dozen turns). You might have to experiment a little until you get something tight enough to seal and loose enough to turn with the spanner.
I'm not sure Loctite will help - nothing sticks to PTFE - that's the whole point of it!