Join Date: May 2004
Location: Southern California
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Using a threadlocking compound is unnecessary on a bicycle. If the fastener is torqued properly, it will be fine without any thread locker. In my experience, the crank arm bolts need about 30 ft-lb of installation torque (imagine a 30 lb weight hanging off a 1 foot wrench). And you'll need more than that to remove it. It's quite a bit of force, and I usually use automotive type wrenches to remove. You won't be able to remove with a multi-tool.
When you reinstall the bolt, grease the threads, to avoid sticking/corrosion in the future. And use of torque wrench is highly encouraged especially if you have square taper bottom bracket to crank arm interface. As Jeff pointed out, loose crankbolts is often a prelude to buying a new crank arms.
Also, you might want to wear gloves, so your skin doesn't meet the mean teeth of the chain ring when the bolt finally gives.