Potting is a brutal thing to do to a circuit, unless you don’t care to ever look at it again. Just toss it if something goes wrong. It is generally a cheap solution for cheap things, that don’t justify any skilled workmanship.

As for “thermally conductive” compounds, once you study the numbers you may find that it just means “not as thermally insulating as the worst compounds, but still not great”

There is also a halfway-house using stuff like Raytech Magic Gel, which is not bad.

The OP is looking for ghetto ways of potting using locally available materials, at affordable local prices. I can’t really advise, because I’ve never been in that situation.

If the primary reason is for shock and vibration resistance, then yes, potting is the best idea.