donjdart,
Working on a
fiberglass trailer isn't quite like working on a house. What you're describing sounds like good house husbandry, but those posts here give you better advice. Don't know about Lexel, but the butyl rubber tape (which comes in a few colors like white, gray, black) -- works very well. It's not wildly expensive, and a little dab'll do you on very small spots.
Width? No wider than the project (like window frame) and not so narrow it's silly...you have to judge and YMMV.
Funny how a few small projects will help you feel comfortable with a new method and product.
And..beware of silicone. There are lots of threads about it on FGRV...not that you said you were going to use it. But just in case it crossed your mind, read a little, spare yourself a lot.