That's a great tutorial....far better than the written word. lol! Just replace the blue with grey.....
I've never used the stuff you have bought so I can't comment on it's use.
So here's just a few pointers to help with the composition.....
As I wrote earlier, go onto Google Images for sea colours and form. It's a great reference place.
I see so many waterborne models just placed on the surface, flat and level. They don't look natural. See Papa's great KG5 for how it should look!
First off, you will need something workable for the base, like a piece of 1" thick polystyrene - get the dense, harder stuff from packings.
I would go for an initial all over blue / grey colour, then gradually introduce darker greys and perhaps a hint of green streaks and blobs.....Always remember, light colours first.
Try to avoid the sea ending up all more or less the same colour.
When you have coloured the base - I suggest a coat of gloss varnish, again try for a hit and miss coverage, this will give the impression of light here and there - place the Walrus on the base and mark around it with a pencil, then carve it out, so the seaplane sits close to it's waterline but with a nose down or up attitude, also tilt it so one float is well in the water and one out. This will look better than just sitting there. Same with the dinghy, it will be nearly awash where the pilot is sitting and out of the water t'other end!
Rather than dig out the base you could build up the silicone and just bed the model into it...But that would take a lot of silicone!....A small notice board or picture frame also make great dio. bases.)
When you are happy with the composition, place the two models in position and gently apply the clear silicone as per your picture or something like. Don't try and copy too exact. Once the bead is applied, get a metal something - I use a nail - and kept dipped in water, just flick the stuff up here and there to make your little wavelets. Don't forget to do the same right around the Walrus's hull and a bit on the float that is in the water. You could add a bit of white paint to the wavelet tops, but don't over do it....
The above is based on the use of silicone sealant, I don't know if the stuff you have will form wavelets...it might be more for flat surface work, and won't hold up, but collapse
I'm sure others will be along to help, and any more questions, fire away and we can assist.
Good luck with the dio.
Ron