Silicone sealant is not necessary and would need to be cleaned off for each brew. Lubing seals is good but make sure the lube is compatible. For example, don't use silicone grease with silicone seals - it softens them.
The rubber band 'relief valves' are at least cheap and simple. But should be tested in case the hole gets blocked. If they 'lift' they do reseal themselves which mechanical relief valves sometimes don't.
The rubber band 'relief valves' are at least cheap and simple. But should be tested in case the hole gets blocked. If they 'lift' they do reseal themselves which mechanical relief valves sometimes don't.