The solvents used in the readily avialable tool dips are generally bad news on rubber parts. Anything you cut with unleaded gasoline to thin is going to do do bad things to hose jackets and mask skirts if stored in the same bag, unless you vac. degass the cured material for a quite a while. Not many have large enough bell jars and high Vac pumps to do that job laying about the garage.
Dip works on sealing hard weights, but then again so does latex paint with less build-up. If using it for chafe protection, it's time to finish the metal edges on the plate and STA a bit more so it simply CAN'T chafe. Chafe points on hard lead can be smoothed and rouded with a bit of cold reforging small hammer and a light hand. Dip on D-rings can make clip off, and more importantly unclipping under load, a bit more difficult as it adds another layer of friction to the operation.
Tool handle dip works well, on tools. Most other uses are better served with urethane 2 part products. Less out gassing and a more reliable bond and cure.