Hello again, so while doing some work on the bike a while back I came to the conclusion of checking out the "Cam tensioner" as it's prone to be one of the first major problems on the bike. As I opened the cover and looked around everything seemed wonderful including the tensioner.( not yet but soon Versy   )

so then I put a brand new gasket and forgot about it, well turn out the gasket was damaged and now I'm leaking near the oil fill cap.

I decided to use Form a gasket since I don't want to wait 2 weeks for a new gasket However, this is my first time applying such a product and i just want to make sure to do it right .

here's an edited photo of the Clutch Cover (not mine) with a yellow outline depicting where I'm applying the product. Ive kept in mind that  have to use a little amount of said product

please let me know of any do's or don't for the whole procedure

If I know where it is leaking, sometimes I put just a little sealant on that spot of the gasket. It is much easier to do service in the future, if the whole cover isn't glued on.

Your proposed repair by using RTV sealant in place of the gasket is something I might do if I was stranded somewhere and needed to get home - but I would never use RTV in a place where the factory used a gasket.......and I would also never use a gasket where the factory uses RTV.

As others have suggested......clean the damaged area and apply a dab of sealant in that area.

Not sure about drying time. but I had a DR650 that had a base gasket oil leak. Without tearing down the engine, I applied ultra gray around the entire base gasket, thinking it would be a temporary repair. 4 years later when I sold the bike, it still was not leaking.
You can probably wait until you need to remove the cover for something, before putting in the new gasket.