I seem to be rebedding a lot of keels lately, and I have wondered the same thing for a long time, Cavy......Great question!! The putty knife and can application is OK, but I kept thinking there has to be a better way.
Recently I took a bold step away from the traditional and status quo bedding compound and bought a Boat Life product called "Life-Caulk" from Jamestown Distributors.(I can hear the hissing!) The application was a dream!! It cleans up with acetone and is sandable and paintable after 7-10 days....sooner if wet cured with water.
I don't know how this is in the long term, but I'm lead to believe it will last many years.
I'm open for criticism of the use of this .....I'm still learning this business....aren't we all??
Regards to all!!
Dave