Glazing compound vs. silicone


In replacing window glass, my dad taught me (perhaps 35 years ago) to clean the surfaces where the replacement glass will contact the (wood) window frame, prep the surface with boiled linseed oil so the wood won't absorb oils from the glazing compound and dry it out prematurely, and then apply a small bead of glazing compound around the perimeter of the mating surfaces.
Then install the glass, seat it against the compound & secure with glazing points.
Fine, but now, I have a bunch of really old windows with dried out glazing compound between the glass & frame, so they leak air & water. Otherwise they're sound, and they look good, so I can't justify replacement (even if I could find a replacement product).
The question is, what would be the downside of applying a bead of silicone or siliconized latex caulk around the perimeter instead? I could predict some difficulty in removing the glass, should I ever have to deal with the same window again, but otherwise?
The window panes are fairly large (26 x 36, some of them) and the glass is very old, and probably brittle. I'm concerned about pressing too hard to seat the glass into the frame, and the glazing compound is just too stiff to allow the glass to set down in there. Besides, the silicone is so much easier to work with.
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Robert Barr wrote:

Hello Robert:
I purchased a couple of tubes of siliconized latex caulk that was made specifically for window glazing; even had a square tip instead of the usual round one, so that little or no putty-knife work needed to be done. Don't recall the brand but it was purchased at Lowe's. So far it seems to have worked very well; it was applied about a year and a half ago and looks great.
Best -- Terry
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snipped-for-privacy@hotmail.com wrote:

Ditto. I've used both types and prefer the latex window glaze mentioned above. It's easier to apply, easier to smooth, dries faster, and is paintable much sooner. So far it's held up well.
Bob S.
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Silicone is not paintable and attracts dust so it will likley look like crap Silicone will also fail quickly if you do not prepare the surfaces to be sealed as stated on the tube. Most other caulks will not last as long as glazing compound.
my .02
cm

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