The guys that galvanized my frame did not want anything on the frame that was not metal.
Not sure if the silicone would work with galvanizing, but the temps are hotter than powdercoat I think.
It really was not a big deal to tap the holes.
The bigger deal was the 2 or 3 bolts that I missed. They were essentially welded in and when I tried to remove them, they snapped at the head of the bolt which required drilling and tapping which was much more of a pain in the butt.
If galvanizing, make sure you check twice for any bolts that have not been removed from the frame.