gcbryan, one of the advantages to the new Fenix design, with its thinner collar, is you may not need a "gasket" (blue cord in my prototype) like I did. I suspect a the right number of turns of electrical tape around the body of the light will provide an exact fit, so the diffuser lies flat on the bezel. I didn't have any trouble putting the light in the silicone holder, it wasn't an issue at all. The white stuff is 3M Ultra Flex. It's a two part urethane adhesive. You mix it like epoxy, but it dries flexible. It's basically used for what you said, caulk to hold the collar in the right position relative to the head.
Turboslug, go for it! And post a picture of what you did, I'll be curious how your diffuser comes out!
Ted