Jeff,
Run the sealer on the perimeter-to include the holes for the cam cover bolts, I also run a very thin layer around the spark plug area's(not trying to get the Anaerobic sealer in the O-ring area)-sort of like a first line of defense with the O-ring being second.(what I look for is a fair and consistent bead of the sealant when cam cover are torqued)
when it comes to the end covers, I personally mount the two fwd cap's on the heads and the aft ones on the cam cover. I run a bead of Anaerobic sealant in the little valley for the caps too..you dont need too much, just enough to add a layer of protection.
Lube:..if there was a reason to clean the journals(dirt, old sealant, boredom, getting away from the wife, nerding out in the cam cover
...yes I would put lube (not a whole lot-unless your changing oil soon) on ALL rotating surfaces...way better to be safe...
