I've never used thread locking compound on a rotor and wouldn't suggest it. This stuff is anaerobic in nature, requiring a really tight interface between the parts to cure. The expansion properties of the shaft and plastic would likely challenge this interface after the first start up.
I've used the two screwdrivers trick previously, though a good shot with a deadblow is faster and more reliable. Just smack the top of it and the heavy corrosion that your photo shows will loosen up a bit.
Lastly, get that housing cleaned up, as there's way too much oxidation going on. Also check that the vent isn't plugged, which is the usual cause for that much corrosion, of course assuming someone didn't use an automotive cap. Simply put, a new marine cap and rotor is in order. Automotive stuff isn't appropriate, will corrode (baddly) and can cause the boat to blow up too.