I thought teflon tape was to create a seal, not as a threadlock. The stuff is slippery, after all.

You can use as much blue Loctite as you want. The only part that will actually cure is that which is deprived of oxygen - it is anaerobic. The rest will remain liquid and will wipe off after you've finished assembly. Good stuff, I use it on the two cylinder diesel engine in my boat which vibrates like crazy, but things assembled with blue Loctite stay put.