The Rover-Landers of BC

All right: I know this has been asked a thousand times. My past approach has bee to use Permatex 2, or possibly Ultra Black, a thin even smear on both sides of the paper gasket and torque to spec in diagonal pattern.

But the newer sealants like Ultra Grey are said to make a very good seal and do not require a paper gasket at all: Continuous bead surrounding the bolt holes, hand tighten until the sealant oozes to the flange edge, leave it to cure, them tighten 1/2 turn more.

Any experience/advice/opinions? 2.25 petrol btw, if it matters.

I have used RTV Silicone (the good black stuff) with out gaskets and have had very good results. As you probably already know, don't use any silicone on preformed silicone gaskets. They will squeeze out. (this learned from bitter experience)
Before applying the silicone I use a hammer and flat drift to flatten the oilpan bolt holes if they are deformed from previous use. I also clean the mating surfaces with brakekleen.
As you say about a 1/8 bead down the center of the bolt line , circling the bolt holes. I just tighten it up to the proper torque and move on. Before putting it into service I let it cure.
The one drawback to just silicone is that it can be a booger to get the pan of in the future.
Ian