Yeah, I used that red stuff as well, name escapes me. I tried it twice as I worked through the issue. Maybe it worked for you, here's hoping.
If it is dripping off the pan bolt heads, and they are not loose, look up, way up. Shine a light along the timing cover, head and valve cover. Run a hand along the various surfaces feeling for wet oil. I have an aluminium valve cover as well and its seal is also a bit tricky. On mine, now that the oil pan is sorted, if there are drips on the pan bolts, then it's running down from the valve cover.
Low toque is a problem on the oil pan bolts due to engine vibration. If you end up going that way, use "star" type, anti-vibration lock washers.