Okay... sealer applied and iron setting up for 48 hours... just to be on the safe side. I finally found the product I wanted at Pep Boys. Its both a Gasket and a Sealer, high temp (package says to intermittant 600 degrees). Much easier to work with than say... epoxy.
You know, this is a lot easier than you'd think. I bet all of us could fix our Rowentas to our own satisfaction.
So cross your fingers... and I'll let post again the iron sets up and I get to testing it out...