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It says it's non-toxic, but I'd have to agree with Paul. You shouldn't need anything more than teflon tape for your aquarium plumbing... and that's proven to be safe.
For really poorly cast threads I've used a bead of silicone around the male fitting before screwing them together. But you need to let the joint cure for 24-48 hours before getting it wet.
Sequence pump people say not to use tape, it won't work to connect to their pumps. Remember these products need to be safe for drinking water. They are not toxic. I originally used Hercules Sta-Tuf, but I had trouble getting a leak-proof seal. Now I use Hercules Pro-Dope, which works much better and doesn't require that you slop it on.