Yes, REZI-WELD LV will be suitable. Allow REZI-WELD LV to cure for a full seven days before submerging in water. For full protection, a bead of silicone can be placed over the cured REZI-WELD LV. This will protect the REZI-WELD LV from softening (due to continuous water exposure).
W. R. MEADOWS offers KNIGHTSHIELD KS-5600 and KNIGHTSHIELD KS-5700 silicone sealants. Although these products are designed for roofing applications, they would work as the silicone product in this application.