Nope, this stuff is not good to use on gaskets. They just squirm around when you install them. The gasket should at least be glued to one part so it cannot move, or squish out. The RTV/silicone stuff makes a great lubricant when it is uncured!
Ok I'll look for a shelac at another store. That's kind of what was happening the first time I put the wp on, the gasket was moving. Same with the exhaust manifold gaskets, they like to squirm around.