Well, I haven't figured out yet what to do with mine, so I'm not in the best position to give you advise on this!
As they say, your guess is as good as mine!
I'd go with continuous tape all around, unless it would make it harder to put the panels back in the frame.
I saw the frame design is different between the 5500 and 4500. On my 5500 sliding the panels back in was a pretty tight fit. The wavy ones on each side have to go in first, and they were not too bad, but I had to "warp" the center one significantly to pop it in. Not sure if a foam strip would have make it harder.
So that weatherstripping foam you're planning to use is closed cell? I will have to look that up again at the hardware store, there are probably different kinds of these foam strips because I just checked on a leftover I had in my shop and it's definitely open cell.
What do you plan to replace your panels with?
Let us know how it turns out!