Alan,
When I worked on steam systems at Her Majesty's Dockyard (a good few years ago!) we religiously used a product called Stag Type B Red Jointing Paste which has a thicker consistency but same appearance as Red Hermetite (if you remember or have come across that). I still have a tin but I have had it a few years so have no idea if it is still available. It says on the tin " Stag 'B' is a thick non setting jointing for use on surfaces made uneven by corrosion of heavy tool marks, etc. If used on screw threaded joints it is recommended for use on those fittings with diameter of 13 - 38mm. For fittings over 38mm it is strongly advisable to incorporate hemp (or fibre) reinforcement fully wetted with Stag B. It also states it is Easy-break (although I would dispute that! Guess it depends on your definition of easy), Resistant to gas, steam, water, petrol, oil and mineral acids and its lead free. From my experience it sticks like brown stuff to a blanket and takes a good deal of scraping or wire brushing on threads to clean it off after it has been used and 'cooked'.
I would say it should be ideal for what you want (I have used it succesfully on models and threads smaller than 13mm) but you had better get the approval of your boiler inspector first! However I think its the closest you can get to Red Lead these days (if its still available!)
Manufacturer from my tin is The Kenilworth Manufacturing Company Ltd, Tavistock Road, West Drayton, Middlesex UB7 7RA. Phone No 01895 445511
Heldite may do the same job but it is a much thinner compound and I have not personally used it on steam.
Good luck,
Paul.
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Strange - There is never enough time to do the job properly but there is always enough time to do it again when it goes wrong!
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