Oil it and clock it about 3/8” away from the main cap parting line. No sealer!
For best results, also install the Felpro crankshaft repair sleeve.
You do want a thin layer of RTV between the cap and the seal on the outer edges where the cap fits into the block.

What steering box do you have? Is yours a column built into the steering box, or does it have a rag joint? 

One problem with borgeson shaft mod is it does not capture movement of the shaft. That can cause horn contacts to be too tight or too loose, or even both. The rag joint needs to fit snug at the bottom when the wheel is torqued to the shaft. The bearing kit makes it easier to set that play to zero.