I have never installed the sleeve with sealer, but different folks do different things for a reason! If using a sealant, you want something real thin, and, wipe off all the excess. There is not much at all that will remain since the sleeve is a light press (will need to tap it on).
I usually use thread locker but recently followed the installation paperwork supplied by National which stated to use non hardening sealant, I used permatex 2, it is used to stop any possibility of the sleeve spinning on the hub of the balancer, which is practically impossible unless it was a really loose press.