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Brent,
I agree with MrFixit's method. Just make sure that the bolt and the receiving threads are clean.
The thread locking compounds act as a lubricant during the tightening process. As they are anaerobic adhesives they do not set up until the bolt is in place. (Note, you will have to move fairly quickly if you use "the red" compound. this is one of the quickest setup compounds.)
Using the lubricate and remove method, you will have very hard time cleaning the receiving threads adequately. I also do not like the removal of a torqued bolt out of a pattern of torqued bolts. This introduces a fair amount of stress on the clamped component. (There is a very good reason that you torque bolts in a clamped design pattern progressively.)
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