Hylomar is a non curing sealant. Methyl Chloride is the usual solvent.
It is not designed to seal huge gaps, but has been used in industry for MANY years.
Personally, I would not let it skin over, but, having applied it to clean threads (including my best attempts at the internal thread as well as the external ), would then have proceeded with the assembly,
Industry (Rolls Royce, who invented it, and Perkins ), never spent time letting it skin, but used wet application.
Don't be too sparing with the application. Better to wipe off an excess and get a seal than to be frugal and still have a seep.
Howard